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ILLINOIS STATE REP INDICTED FOR BANK FRAUD RELATED TO RE INVESTMENTS
  llinois State Representative Indicted on Federal Bank Fraud Charges Related to Real Estate Investments   CHICAGO—LaShawn K. Ford, an Illinois State Representative who also invested in real estate in Chicago, was indicted today on federal bank fraud and related charges for allegedly fraudulently obtaining a $500,000 increase and a two-year extension on a line of credit from the failed ShoreBank and obtaining multiple advances by making false statements about his intended use of the funds.
Ford, 40, of Chicago, who operated Ford Desired Real Estate Inc. and also invested personally in real estate, purportedly obtained bank funds to rehabilitate specific investment properties in the city but instead used the funds to pay unrelated expenses, including car loans; credit cards; other mortgages held at ShoreBank; payments to a casino in Hammond, Indiana; and for his 2006 campaign for Illinois State Representative, the indictment alleges. The charges do not involve Ford’s position as a state legislator after he was first elected in 2006. Ford represents Illinois’ 8th House District, which includes portions of Chicago’s west side and several western suburbs in Cook County.
Ford was charged with eight counts of bank fraud and nine counts of submitting false information to the bank ... more

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