Illinois State Rep. La Shawn Ford (D), who represents the state’s 8th District in Chicago, was charged on Thursday with eight counts of bank fraud and nine counts of submitting false information to a bank.
The Chicago Sun-Times reported that Ford was indicted for allegedly fraudulently obtaining $500,000 and a two-year credit extension from ShoreBank, a failed bank, as well as for making false statements in order to gain multiple advances. Ford, who was first elected in 2006, pledged to use money to rehabilitate certain buildings but instead used it to pay unrelated expenses, according to the allegations.
Each count in the indictment carries a maximum penalty of 30 years as well as a $1 million fine.
