Long Grove former bank VP charged with fraud
May 10, 2010
Total Loss:
$2.4 Million
A Long Grove man and former bank executive has been charged with fraudulently obtaining a line of credit that resulted in a $2.4 million loss.
Francis Alan Schmitz, 58, a former vice president with the Northern Trust Co. until the mid-‘90s, was arrested Thursday and charged in U.S. District Court in Chicago with mail fraud, which carries a maximum of 30 years in prison, a $1 million fine and mandatory restitution. He was ordered held pending a detention hearing set for Tuesday.
According to the complaint, Schmitz worked with a loan broker early last year to arrange a $2.85 million line of credit through the First Midwest Bank by maintaining he was going to put it into investment properties in Long Grove.
Source:
Daily Herald.com; By Ted Cox
Posted in:
Internal Fraud