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Businessmen Sentenced for $2M Bank Fraud Scheme
CHICAGO — Two businessmen, KEVIN LEBEAU, 55, of Aurora, and BRIAN BODIE, 66, of Chicago, have been convicted of bank fraud, leaving one couple out of $450,000 and an elderly couple out of $300,000.
The pair was found guilty of three counts of bank fraud and several counts of making false statements to a federally insured bank. Each count carries a maximum sentence of 30 years in prison.
After an eight-day trial in federal court in Chicago, a jury returned the verdicts on Thursday. U.S. District Judge Robert W. Gettleman has not yet scheduled sentencing hearings.
The convictions were announced by Joel R. Levin, Acting United States Attorney for the Northern District of Illinois, and Michael J. Anderson, Special Agent in Charge of the Chicago Office of the Federal Bureau of Investigation.
Evidence at trial revealed that LeBeau and Bodie orchestrated a fraud scheme involving a $1.9 million loan from Amcore Bank in 2004. The pair executed a full personal guarantee for the loan and mortgaged a 10.4-acre property in Aurora.
However, by the fall of 2005, LeBeau and Bodie had failed to make the required loan payments, and foreclosure became imminent. In an effort to delay foreclosure, they submitted fraudulent and fabricated information about the progress of efforts to develop the property.
Eventually, the foreclosure occurred, and the property was sold in 2010 at a significant loss to the bank and several individual investors who had pledged their own money into the project. LeBeau and Bodie told the individual investors that their money would be used to develop a mixed-use development on the property.
The government is represented by Assistant U.S. Attorneys Kartik K. Raman and Amarjeet S. Bhachu.
LeBeau and Bodie used some of the investors’ money for business expenses and to make payments to the bank, ultimately leaving the individual victims with significant financial losses. The convictions are a reminder of the importance of holding individuals accountable for their actions and the devastating consequences of their deceit.
The convictions and potential sentences highlight the severity of the crimes committed by LeBeau and Bodie, and serve as a warning to others who may consider engaging in similar schemes.
Key Facts
- State: Illinois
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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