In a shocking case of bank fraud, a Kankakee County man has been charged with swindling a bank out of over $400,000.
Daniel Ballard, 56, of Bourbonnais, Illinois, has been indicted on three counts of bank fraud, according to the U.S. Attorney’s Office.
The indictment alleges that Ballard obtained a construction loan in December 2009 in the amount of $260,000 to build a residence at 3013 Stone Fence Drive in Bourbonnais.
As part of the scheme, Ballard allegedly obtained additional construction loans to build or remodel buildings on other properties he owned in Bradley, Illinois: 411 N. Center; 248 N. Center; and 471 N. Grand.
According to the indictment, Ballard falsely stated or caused others to falsely state in documents submitted to the title company that costs had been incurred for labor and/or materials for construction at the Bradley, Illinois, properties. In fact, the indictment alleges that the costs of labor and materials were substantially below the amount represented or were not furnished to the Bradley properties at all.
If convicted, each count of bank fraud carries a penalty of up to 30 years in prison and a fine of up to $250,000.
The charges are the result of an investigation by the Federal Deposit Insurance Corporation (FDIC) Office of Inspector General. Assistant U.S. Attorney Eugene M. Miller is prosecuting the case.
Members of the public are reminded that an indictment is merely an accusation; the defendant is presumed innocent unless proven guilty.
Related Federal Cases
- Denae Sullivan, Bank Fraud and Aggravated Identity Theft, Alaska 2023 · Illinois
- Maurice L. Burks, Healthcare Fraud, Illinois 2023 · Illinois
- Orlando James Currey, Conspiracy to Commit Mail and Wire Fraud, Illinois 2015 · Illinois
- Matthew S. Liebheit, Embezzlement and False Bank Entries, Illinois 2014 · Illinois
- Daniel James Abbott, Bank Embezzlement, OK, 2023 · Illinois
Key Facts
- State: Illinois
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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