#Financial_Fraud
2 entries tagged Financial_Fraud.
People (1)
- Lawrence King Jr. Lawrence 'Larry' King Jr. was the operator of the Franklin Community Federal Credit Union in Omaha, Nebraska, whose collapse in November 1988 revealed $39.4 million in embezzlement. King had a prominent profile within the Nebraska Republican Party and Reagan administration circles. He pleaded guilty to fraud in February 1991 and served approximately ten years of a fifteen-year federal sentence.
Events (1)
- Franklin Credit Union Scandal The Franklin Credit Union Scandal began with the November 1988 collapse of Lawrence King Jr.'s Omaha credit union with $39.4 million missing, accompanied by allegations of a child prostitution network with Washington D.C. connections; fraud charges resulted in conviction while abuse allegations were found unsubstantiated by two 1990 grand juries.