Convicted of Lending Manafort Money for Business with Bank Manager White

[ad_1]

A former Chicago bank executive was convicted on Tuesday of financial crimes related to facilitating millions of dollars in high-risk loans to Paul Manafort, all in an attempt to secure a coveted position in the Trump administration.

A jury in New York unanimously found banker Stephen M. Calk (54) guilty of bribing and conspiring to bribe a financial institution.

The charges arose from Mr Calk’s use of his position as president and CEO of the Federal Savings Bank. forcing the bank to lend $16 million To Mr. Manafort, who served as president during a key period of Donald J. Trump’s presidential campaign in 2016.

Immediately after the election, Mr Calk sent Mr Manafort a list of 19 embassies he had listed, starting with the UK, France, along with 10 positions in order of preference, including secretary of the Treasury, secretary of commerce and secretary of defense. Germany and Italy.

In a statement after his conviction, US attorney Audrey Strauss in Manhattan said that Mr. Calk “used the federally insured bank he operated as his personal piggy bank to buy himself prestige and power.”

At the time the loans were issued, Mr. Manafort was trying to recover from foreclosures on several properties and was minted in cash to support an affluent lifestyle after a series of payments from Ukrainian consulting clients dried up.

Prosecutors said Mr Manafort made two phone calls on behalf of Mr. Calk to officials on Mr. Trump’s transition team in late 2016, urging them to appoint Mr. Calk as secretary of the Army. Mr. Calk was interviewed at Trump Tower for a job as Under-Secretary of the Army in 2017, but was not hired.

Mr Manafort, 72, was identified as a co-conspirator in the case against Mr Calk, but was not charged. However, in two cases filed by private attorney Robert S. Mueller III, he was convicted of 10 crimes in 2018, including bank fraud related to loans.

Mr Manafort’s seven-year sentence disappeared in December. Mr Trump pardoned him.

Mr. Çalk, who is scheduled to serve his sentence in January, faces a maximum sentence of 35 years in prison on two charges.

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *