Tuesday, February 8, 2022

Former banker Calk sentenced to year in prison

Former banker Stephen Calk was sentenced by a federal judge to just over a year in prison after he was convicted in a bribery case involving former Trump campaign chairman Paul Manafort. 

Lorna Schofield, a judge representing the Southern District of New York, also assess a $1.25 million fine. Calk, once CEO of Federal Savings Bank in Chicago, also faces two years of supervised release and will be required to perform 800 hours of community service.

The sentence “sends the message that those who corrupt federally regulated financial institutions will be held to account,” U.S. Attorney Damian Williams said in a Monday press release. 

A jury last year found Calk guilty on bank bribery charges tied to about $16 million of loans he approved for Manafort. 

Federal Savings reached a formal agreement with the Office of the Comptroller of the Currency on Oct. 29 that requires the $815 million-asset bank to address its risk management, consumer compliance and anti-money-laundering protocols.

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