Bank of Chicago ordered to review operations after risky loans to former Donald Trump campaign manager Paul Manafort

CHICAGO (WLS) – In July, Chicago bank tycoon Stephen Calk convicted of financial institution bribery after granting high-risk loans to former Donald Trump campaign manager Paul Manafort. Although Calk denied it, the $ 16 million deals from his Federal Savings Bank, headquartered in the Near West Side, were part of a plan to land him a White House nomination.

He liked the secretary of the army or maybe an ambassadorial post somewhere, depending on the evidence.

Calk has yet to be convicted of this federal conviction, but that sanction for the bank he founded and ran has fallen. Officially, this is a measure of execution by the American Comptroller of the Currency.

RELATED: Former Trump Campaign Boss Paul Manafort Admits Chicago Bank Fraud

Regulators say they have “found unsafe or unwise practices” at the Federal Savings Bank, including those relating to “risk management; to the Bank’s consumer compliance program and to violations of law, rules or regulations, ”citing real estate regulations, the Truth in Lending and the Bank Secrecy Act.

The bank slam in Chicago’s Fulton Market follows loans to Manafort gone bad with the bank eating up $ 12 million after Manafort was convicted and jailed for other crimes, though he eventually pardoned by his friend and former boss, President Trump.

RELATED: ‘The Facts Don’t Align Right’ For Chicago Banker Stephen Calk Trapped In Manafort Mess

In a statement provided to the I-Team, Calk’s brother John, the current president and CEO of the bank, said, “As the Federal Savings Bank continues to experience significant business growth, we have been working closely collaboration with the Office of the Comptroller of the Currency. to upgrade our policies and procedures. These improvements have made and will make the bank even stronger as we help our clients realize the American dream of homeownership.

In the criminal case, Calk’s lawyers have now filed a petition claiming prosecutors have failed to prove the allegations, and they have asked Judge Lorna Schofield to overturn the jury’s decision and acquit her . No decision has yet been made on this matter, however, his sentence has been extended to February 7. Calk faces a prison sentence of up to 35 years.

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