CHICAGO —(ENEWSPF)–March 20, 2015. Three Chicago-area defendants, and a fourth defendant from Decatur, Ga., were convicted of federal bank fraud charges for engaging in a scheme to fraudulently obtain 51 luxury automobile loans totaling approximately $1.6 million without ever intending that the borrowers would purchase the high-end cars that they claimed to be buying. As a result, various credit union lenders, including Credit Union 1, Great Lakes Credit Union, Navy Federal Credit Union, Pentagon Federal Credit Union, and Sherwin-Williams Credit Union, incurred losses totaling at least $853,000. Two of the four charged defendants were convicted today by a jury in U.S. District Court Andrea R. Wood’s courtroom. Two additional defendants involved in the scheme pled guilty before trial.
