SHERMAN, Tex. - Former Texas thrift owner Thomas Merrill Gaubert has been convicted on federal bank fraud and money-laundering charges.

Mr. Gaubert was convicted in federal court on 10 counts relating to charges that he fraudulently diverted $333,658 in assets from a partnership, Sunchase Village of Irving, Tex., after he placed it in bankruptcy proceedings.

Mr. Gaubert faces a sentence of up to 55 years in jail. He remains free on bail until a hearing set for Sept. 24.

Multiple Prosecutions

Prosecutors have pursued Mr. Gaubert on a number of fronts since the failure of his Independent American Savings Association. In 1988, he was acquitted on charges of defrauding a thrift in Iowa. He is awaiting trial in Dallas later this year on two indictments alleging bank fraud.

"This is the product of a lot of work over the.years," Assistant U.S. Attorney Victor Conrad said. The jury reached its verdict after deliberating for 2 1/2 hours, Mr. Conrad said.

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