LaShawn Ford Fraud Indictment Third This Year For Chicago Politicians
From the archive: published Nov 30, 2012, 13 years ago. Details may have changed since.
State Rep. LaShawn K. Ford, a Democrat in the Illinois House of Representatives, was indicted yesterday on federal bank fraud charges, news that apparently came as a surprise to the politician after he was contacted for comment.
The LaShawn Ford fraud charges stem from real estate loans that federal investigators say the young politician used inappropriately for personal expenses instead of their stated purpose, to rehabilitate six properties on Chicago’s west side.
LaShawn Ford’s fraud case was only made known to the Illinois Democrat after he was contacted by NBC Chicago to comment on the charges. Ford was described by the news source as “shell-shocked” by the weighty allegations, the third of their kind against a city politician in 2012.
When contacted by NBC Chicago, Ford said of the fraud indictment:
“I’m fine and I will fight this … I don’t feel they are right … the error is that they just don’t know the full story of what went on.”
The news outlet explains that the LaShawn Ford fraud indictment centers on loans made from ShoreBank, which included a line of credit in the amount of $1 million specifically supplied to rehab the investment properties.
The site says:
“On seven different occasions between April 2006 and March 2007, Ford applied for and obtained a total of $373,500 in advances from the credit line, allegedly by making false statements that he intended to use the funds to rehabilitate six different investment properties on the city’s west side.”
However, NBC says Ford is alleged to have knowingly misappropriated the funds:
“In each instance, however, Ford allegedly knew that he intended to use the funds, in part, for expenses unrelated to the specific rehabilitation projects. The indictment seeks forfeiture of approximately $832,000.”
Each count of bank fraud or making false statements in the LaShawn Ford fraud case carries a maximum fine of $1 million and a maximum sentence of 30 years in prison if the politician is convicted.