And this story has a twist--involving ShoreBank, the failed bank with ties to the Obama administration.
From CBS 2 Chicago:
State Rep. La Shawn Ford has been indicted on federal bank fraud charges, accused of falsifying bank loans to get an additional $500,000 in credit for his real estate business, and then using the funds for personal and campaign expenses.While reviewing ShoreBank documents, federal authorities discovered the shady deals involving Ford, who is a Democrat from Chicago's West Side.
Ford, 40, has been charged with eight counts of bank fraud, and nine counts of submitting false information to a bank. The charges involve activity that allegedly occurred mostly before he first took office.
Ford has been in the Illinois House since 2007, and was re-elected to a new term earlier this month. He also operates Ford Desired Real Estate Inc., a commercial real estate firm based in Chicago.
According to federal prosecutors, Ford had multiple loans with ShoreBank, including a $1 million line of credit, which was to be used only to buy and rehab property for his real estate company. In May 2006, he obtained a $500,000 increase and two-year extension on that line of credit by submitting false tax returns that inflated his personal and business income, prosecutors alleged.
|Ford needs a lawyer|
The Ford indictment can be viewed here.
And finally, the Democrats, despite their proven inability to run Illinois, "earned" veto-proof majorities in both chambers of the General Assembly on Election Day. How? By gerrymandering. Take a look at a map of the contorted 8th House District, which Ford represents.
Chicago: Three election contests--three atrocious results
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