Charles Keating Trials: 1991-99

Throughout the 1990s, in trial after trial, Charles Keating never publicly admitted any wrongdoing. This changed in April 1999, when he pleaded guilty to four federal counts of fraud. In doing so, Keating admitted that he had siphoned $975,000 out to the ACC just a few days before the company filed for bankruptcy. A new federal trial had been scheduled to begin in 1999, but Keating's turnaround precluded it.

In announcing the guilty plea, U.S. Attorney Alejandro Mayorka said, "For more than 10 years, Charles Keating has fought us, denied any guilt, and refused to accept responsibility for his illegal conduct. Today, that fight is over."

Keating, 75 years old at the time of the plea, was spared more jail time. He was sentenced to the 50 months he had already spent incarcerated before his conviction was reversed.