On one such foray in 2002, he stumbled on a scandal that I had never heard of. The scandal centered around the Franklin Community Federal Credit Union, which was created to serve a poor black neighborhood in Omaha, Nebraska. During the 70s and 80s, its manager, a man named Larry King (not the talk show host), ran the Franklin as a Ponzi scheme and looted over $40 million, which he spent on an opulent lifestyle and Republican fundraising. King sang the National Anthem at the Republican convention in 1984 and served on several committees of the National Black Republican Council. He had a townhouse in Washington, DC, where he threw parties with many prominent guests. In August 1988, he threw a $100,000 party at the Republican convention, and appeared in a video in which he and Jack Kemp urged blacks to vote for George H. W. Bush. In November 1988, his Ponzi scheme crashed and the Franklin was shut down by the National Credit Union Association and the FBI.
Still Evil after All These Years: The Franklin Scandal and Pedophilia in High Places
Larry King.