King drops appeal of $1 million judgment - Jan 13, 2000 - AP
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King drops appeal of $1 million judgment - The Associated Press / State & Local Wire - January 13, 2000
OMAHA, Neb. The former head of the defunct Franklin Federal Credit Union, who initially did not answer a $1 million lawsuit judgment against him, now is dropping an appeal of that order. Lawrence E. King Jr. is in federal prison for embezzling millions of dollars from a now-closed Omaha credit union. The judgment resulted from a lawsuit filed in 1991 by Paul Bonacci of Omaha, who alleged King and others forced him to take part in a child-prostitution ring in Omaha in the 1980s. All 15 other defendants were cleared. A grand jury also found the child sex abuse allegations to be a hoax. But King never filed a court response to Bonacci's accusations, so a federal judge entered a default judgment. King appealed to the Eighth U.S. Circuit Court of Appeals but recently dropped the appeal, letting the judgment stand. However, it is believed King frittered away the money he embezzled and had no assets when he went to prison for 15 years.