3 Lincoln Defendants Make Bail but Keating Remains in Custody

Three of the four defendants in the Lincoln Savings & Loan fraud case have been bailed out of jail, leaving only Charles H. Keating Jr. in custody, Los Angeles County sheriff’s officials said Saturday.

Judy J. Wischer, 42, Keating’s former top aide at Lincoln’s parent company, American Continental, was freed on $200,000 bond at 10 p.m. Friday, Sgt. Bob Olmsted said.

Robin S. Symes, 37, and Ray C. Fidel, 32, both former presidents of Irvine-based Lincoln, were released from Los Angeles County Jail at 1 a.m. Saturday on $100,000 bond, Olmsted said.

Bail for the three was reduced from $1 million on Friday by Los Angeles Superior Court Judge Gary Klausner. But Klausner refused to modify the $5-million bail set for Keating, saying the former chairman of American Continental is a flight risk after being indicted on 42 counts of state securities fraud and other violations.

The judge said Keating, 66, who also is being pursued by creditors and regulators for his role in Lincoln’s failure, has “significant reasons not to stay around.”

Keating and his three former associates are charged with wrongdoing in the sale of more than $200 million in American Continental bonds to thousands of mostly elderly Southern California investors. Sold at Lincoln branches, allegedly as safe and insured investments, the bonds became worthless when American Continental filed for bankruptcy.