Franklin Figure Lawrence King Leaves Prison After 10 Years - Apr 11, 2001 - Omaha World-Herald
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Franklin Figure Lawrence King Leaves Prison After 10 Years; [Sunrise Edition]
Robert Dorr. Omaha World - Herald. Omaha, Neb.: Apr 11, 2001. pg. 22
Full Text (379 words)
(Copyright 2001 Omaha World-Herald Company)
Lawrence E. King Jr., the main figure in the Franklin Credit Union scandal in Omaha more than a decade ago, has left prison and apparently is planning to live near Washington, D.C.
King was released from federal prison in Colorado on Tuesday after serving nearly 10 years of a 15-year sentence.
King, 56, plans to live in the eastern Virginia federal probation district, said Randy Tews, administrator of the Federal Prison Camp in Florence, Colo. That district includes several Washington suburbs.
The Washington area is familiar to King. It became his second home in the 1980s while he was running the now-defunct Franklin Community Federal Credit Union in north Omaha.
King often traveled to Washington and stayed for days at a time, holding lavish parties at a house he rented for $5,000 a month just off Embassy Row. With the help of a Washington public relations agency, he succeeded in getting four grants of $100,000 each for north Omaha nonprofit groups from the Department of Housing and Urban Development, where he had connections.
King was sentenced to 15 years in 1991 for crimes related to the embezzling of $39 million from Franklin.
King frittered away the money that he took from Franklin in a spree of extravagant living that lasted for years and ended with the credit union's collapse. Federal officials involved in the case don't think that King has any secret stashes of Franklin money.
King's plans for reuniting with other members of his family aren't known. King's wife, Alice King, has been living in the Dallas area. Their son, Prince King, attends college in Fort Worth, Texas.
Several of King's family members, including his father, live in Omaha. His mother died in December.
King has declined an interview. He is the last of the Franklin scandal's figures to be released from prison.
The U.S. Probation Office in Omaha won't have any jurisdiction over King, Craig Saigh, chief U.S. probation officer in Nebraska, said Tuesday.
"He's been released today but not to the district of Nebraska," Saigh said.
King served the last four years of his sentence at the minimum- security Federal Prison Camp in Florence. He left the southern Colorado prison at 8:15 a.m. MDT, said Kenneth Burton, executive assistant to the warden.