BANKING & FINANCE - Aug. 24, 1993

Michael E. Parker Admits Other Frauds: Parker, the Newport Beach businessman convicted in April of stealing $14 million from now-defunct Columbia Savings & Loan, admitted defrauding three other financial institutions of $19 million. In return for pleading guilty, Parker will serve no additional time for the three frauds, for which he would have faced 90 years in prison and $3 million in fines. He is already looking at a maximum of 235 years in prison and a $15-million fine at his sentencing Oct. 4. Federal prosecutors--who have dubbed Parker “the king of greed”--would not say how much time they will ask the judge that he serve. Under federal sentencing guidelines, he could be facing at least 15 years in prison.