Former Chicago Bank Officials Accused of Fraud
Three former officials of First National Bank of Chicago and seven contractors have been charged with fraud involving bribes, kickbacks and other illegal schemes, federal prosecutors said Wednesday.
U.S. Atty. Fred Foreman said an 18-month investigation of the bank uncovered “a complex arrangement of corporate corruption and fraud.”
Named in the charges were former bank Vice Presidents Jeffrey Tassani, Robert Olson and Gordon Murphy, as well as seven people who received contracts for real estate development, advertising and other business with the bank.
The former bank officials face sentences of 10 years in prison and $500,000 in fines.
The bank said the three were fired last year when an internal audit uncovered their schemes.
First National Bank is owned by First Chicago Corp., the nation’s 13th-largest bank holding company. First Chicago has assets of $49.7 billion.
Prosecutors said the fraud involved real estate and restaurant leases.
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