CHICAGO - State Rep. La Shawn Ford (D-Chicago) will plead guilty to a misdemeanor in exchange for federal prosecutors dropping 17 felony bank fraud charges in a Chicago federal court room Monday, prosecutors are saying.
Accused of making false statements in obtaining a bank loan, Ford allegedly got the loans to rehabilitate specific buildings but is accused of using those funds to instead pay car loans, credit cards, mortgages, payments to a casino in Hammond, Ind., and for his 2006 campaign for Illinois state representative.
Ford, who continues to serve as a member of the Illinois House, was charged with eight counts of bank fraud and nine counts of submitting false information to the bank in a 17-count indictment. The penalty for each felony count was 30 years, with up to $1 million fine. Restitution of $832,000 was mandatory.
The details of the plea agreement are not yet available.
Ford is running opposed in the 8th House District on the November 2014 ballot.