Regulator Says Lincoln Laundered Funds: Lincoln Savings...

Regulator Says Lincoln Laundered Funds: Lincoln Savings and Loan allegedly laundered illegal political contributions through its president and other employees, a state regulator said. Ray Fidel, former president and chief executive of Lincoln, received an inflated salary so that he could contribute money in his name and reimburse employees who were ordered to contribute, said William Crawford, director of the California Department of Savings and Loan. Crawford’s comments were reported by the Daily News. According to Crawford, “The policy was to inflate salaries. He’d get a phone call and someone would say: ‘You write a check.’ ” Crawford said the calls came from subordinates of Charles H. Keating Jr., chairman of American Continental Corp., the Phoenix, Ariz.-based parent of Lincoln. American Continental filed for protection under Chapter 11 law on April 13. One day later, Lincoln was taken over by federal regulators.