Financier Charles H. Keating's request to lower his $5 million bail has been denied by a California appeals court.

The court, without comment, turned down the request Tuesday from the Arizona developer blamed by regulators for the nation's biggest thrift collapse, the $2 billion failure of his Lincoln Savings & Loan.Keating was indicted last week on charges of swindling investors in now-worthless junk bonds sold through the Irvine-based S&L.

Keating contends he is broke and can't adequately defend himself from jail.