*May 9, 1985 -- Reports that Jeffrey Levitt was being removed as president of Old Court Savings & Loan in Baltimore because of mismanagement spark a run by depositors that leads to the crisis in the state thrift industry.

*May 13 -- The State of Maryland seizes control of Old Court after failing to arrange for a private buyer and puts the thrift into conservatorship. Withdrawals are limited to $1,000 per account.

*June 7 -- Baltimore Circuit Court Judge Joseph H.H. Kaplan, who was appointed to supervise the conservatorship of Old Court, halts withdrawals there and restricts interest.

*July 31 -- Maryland officials file a $200 million civil suit against Levitt and other directors and officers of Old Court, alleging that dealings at the thrift may constitute "the largest financial fraud in history of the State of Maryland."

*Aug. 5 -- Levitt agrees to limit his personal spending.

*Sept. 5 -- Judge Kaplan orders Levitt and his wife Karol to restrict their spending to $1,000 a week.

*Sept. 13 -- The directors and officers of Old Court ask a Baltimore Circuit Court judge to dismiss the $200 million civil suit.

*Oct. 1 -- The Maryland Court of Appeals refuses to consider an appeal of the spending limit.

*Nov. 8 -- Judge Kaplan places Old Court into receivership.

*Dec. 27 -- Levitt, responding to the civil suit, says in court papers that the blame for Old Court's problems lies with industry regulators who never informed the thrift's officers that certain loan practices were improper.

*Jan. 3, 1986 -- Baltimore grand jury indicts Levitt on 25 counts of theft and misappropriation of $14.7 million in depositors' funds.

*Jan. 8 -- Jeffrey and Karol Levitt are sentenced for criminal contempt of court for violating the $1,000-a-week spending limit. Jeffrey Levitt is sentenced to 18 months in prison and his wife is sentenced to 15 weekends in the Baltimore jail.

*February -- IRS agents over the course of several weeks raid three homes owned by Jeffrey and Karol Levitt and seize items including 17 cars, 98 bottles of wine, silver, television sets and a Steuben glass collection.

*May 16 -- Levitt rejects an arrangement in which he would have pleaded guilty to the theft and misappropriation charges in return for a lighter jail sentence.

*May 27 -- Levitt pleads guilty to all 25 counts of theft and misappropriation of the $14.7 million in depositors' funds.