Thursday, November 29, 2012

Capitol Fax: Rep. Ford indicted for bank fraud

This is unbelievable and a lot of people seem to like this young man who represents Chicago's west side. I can accept this as a mistake and unfortunately a very costly one as indicated by the indictment:
LaShawn K. Ford, an Illinois State Representative who also invested in real estate in Chicago, was indicted today on federal bank fraud and related charges for allegedly fraudulently obtaining a $500,000 increase and a two-year extension on a line of credit from the failed ShoreBank and obtaining multiple advances by making false statements about his intended use of the funds.

Ford, 40, of Chicago, who operated Ford Desired Real Estate, Inc., and also invested personally in real estate, purportedly obtained bank funds to rehabilitate specific investment properties in the city, but instead used the funds to pay unrelated expenses, including, car loans, credit cards, other mortgages held at ShoreBank, payments to a casino in Hammond, Ind., and for his 2006 campaign for Illinois State Representative, the indictment alleges. The charges do not involve Ford’s position as a state legislator after he was first elected in 2006. Ford represents Illinois’ 8th House District, which includes portions of Chicago’s west side and several western suburbs in Cook County.
Unbelievable! Although let's be clear he didn't use the credit line the way he should have. Some will just make this a case of "the man" chasing down another brother!

A case of irony here ShoreBank is a failed bank shutdown by the FDIC and is now Urban Partnership Bank. Some conservatives - well the Tea Party - protested ShoreBank before they were shut down because of perceived favorable treatment by the Obama administration.

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