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FORMER GRANDVIEW THRIFT OFFICER AGREES TO PENALTY, RESTITUTION

 FORMER GRANDVIEW THRIFT OFFICER AGREES TO PENALTY, RESTITUTION
 WASHINGTON, Sept. 4 /PRNewswire/ -- Ward H. Feitt, an executive of the former Grandview Savings Association, Pittsburgh, has agreed to $100,000 in restitution and civil money penalties and a ban from the thrift and banking industries for life, the Office of Thrift Supervision (OTS) announced today.
 Feitt agreed to the settlement, without admitting or denying wrongdoing, in response to charges filed by OTS in January 1991 that Feitt breached his fiduciary duty, engaged in unsafe and unsound practices and "unjustly enriched" himself at Grandview's expense. OTS previously had suspended Feitt from his posts as president and managing officer of the institution.
 The agency sought restitution from Feitt for legal fees paid by Grandview and for improperly documented personal expenses charged to the thrift, including junkets to Acapulco, Mexico, as well as club fees, meals, personal health care, clothing, golf equipment and expensive cigars.
 Feitt agreed to pay a $5,000 civil money penalty to the government and $95,000 in restitution to Parkvale Savings Association, Monroeville, Pa., which acquired Grandview in September 1991. The acquisition, completed without government financial assistance, was not related to Feitt's activities at Grandview. In addition, Feitt is prohibited from employment or any other connection with an insured depository institution without prior regulatory approval. He also is banned from trading or voting any stock he might hold in those institutions.
 In April 1992, following an investigation by the U.S. Department of Justice and OTS, Feitt was indicted by a federal grand jury on charges of misapplication of funds at Grandview. He was convicted in June on five of 11 counts and was sentenced today in Pittsburgh federal court to one year in prison and two years supervised probation.
 /delval/
 -0- 9/4/92
 /CONTACT: Marc Adams of the Office of Thrift Supervision, 202-906-6677/ CO: Office of Thrift Supervision; Grandview Savings Association ST: Pennsylvania IN: FIN SU:


DC -- DC039 -- 7109 09/04/92 17:05 EDT
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Publication:PR Newswire
Date:Sep 4, 1992
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