Feb 03 2025 28 mins 28
David Paul, a prominent figure in the 1980s savings and loan crisis, was the head of CenTrust, a major financial institution in Florida. In 1990, federal regulators seized CenTrust Tower due to the bank's unsound financial condition, reporting significant losses. Paul was accused of draining millions from the failing institution, using the funds for personal expenses like life insurance premiums and lawn maintenance.
Paul faced two separate trials. In 1993, he was convicted on federal fraud charges for misusing company funds and faced a potential 350 years in prison. However, in 1994, he pleaded guilty to 29 criminal charges, admitting to stealing $24 million from CenTrust and concealing its financial problems from regulators. Despite his crimes, Paul was released from prison in 2004 and passed away in January 2022 at the age of 82.
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