NEW YORK (Reuters) – A federal jury in Manhattan convicted the former chief of a Chicago bank on charges he approved millions of dollars of risky loans to Paul Manafort, former campaign manager for President Donald Trump, in an effort to gain a top post in the Trump administration.
Stephen Calk, a former chairman and chief executive of Federal Savings Bank, was convicted on Tuesday of financial institution bribery and conspiracy, a spokesperson for the U.S. Attorney’s Office in Manhattan confirmed.
Prosecutors had said Calk helped arrange $16 million of loans to Manafort that later went into default.
Calk is scheduled to be sentenced on Jan. 10, 2022.
Manafort was convicted of tax evasion and bank fraud and sentenced to 7-1/2 years in prison, but was later released to home confinement. Trump then pardoned Manafort in December.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Need Your Help Today. Your $1 can change life.