James A. Regas has admitted to signing false documents concealing his personal interest in loans, defrauding the now-defunct Western Springs National of more than $650,000.
James A. Regas has admitted to signing false documents concealing his personal interest in loans, defrauding the now-defunct Western Springs National of more than $650,000.
The 82-year-old former chairman of the failed Western Springs National Bank & Trust was sentenced Tuesday to 366 days in federal prison, in addition to the more than $680,000 in restitution and $60,000 in fines he has already paid, Crain’s Chicago Business reports. James A. Regas, of Oak Brook, pled guilty in July 2012 to one count of conspiring to falsify information in regulatory documents. He admitted that between 2004 and 2009 he repeatedly referred business associates and financial partners to Western Springs National for loans while submitting statements to the bank falsely denying any conflict of interest. These actions “enabled Regas to use bank funds for his own benefit without having to apply for loans himself, posting collateral…
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Ice Man
12:19 pm on Wednesday, February 20, 2013
Corruption is alive and well in the western suburbs... more ›