WASHINGTON -- Ward H. Feitt, an executive of the former Grandview Savings Association, Pittsburgh, has agreed to pay $100,000 in restitution and civil money penalties and to be barred from the thrift and banking industries for life, the Office of Thrift Supervision said.
Mr. Feitt did not admit or deny wrongdoing. In January 1991, the OTS charged Mr. Feitt with breaching his fiduciary duty and engaging in unsafe and unsound practices, and said he "unjustly enriched" himself at Grandview's expense.
The OTS had previously suspended Mr. Feitt from his posts as president and managing officer of the the institution.
The agency sought restitution for legal fees paid by Grandview and for improperly documented personal expenses charged to the thrift.
Among these were the costs of trips to Acapulco, Mexico, as well as club fees, meals, personal health care, clothing, golf equipment, and expensive cigars.
Mr. 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 without government financial assistance.
In April 1992, following an investigation by the U.S. Department of Justice and the OTS, Mr. 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 Sept. 4 to one year in prison and two years supervised probation.