Top definition
A form of fraud, using a fake savings & loan, to bilk lower and middle class honest people out of their savings.
"Charles Keating was sentenced to a max. of 10 years in prison for his S&L Scandal, selling junk bonds out of his savings & loan company."

"A whole bunch of the elderly lost their life savings when they invested in a local savings & loan office, which then claimed bankruptcy, leaving the board rich and the investors broke."
by faichild_stardust November 25, 2011
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