Former Algonquin developer charged in bank fraud
ALGONQUIN – The former owner of the Riverside Square development in Algonquin was charged with bank fraud Monday in connection with the collapse of the multimillion-dollar development.
Bruce Hawkins, 62, formerly of Algonquin, was charged with eight counts of bank fraud for allegedly defrauding Amcore Bank of more than $1 million, a news release from the U.S. State's Attorney in the Northern District of Illinois states.
The federal indictment contends that Hawkins, acting through Riverside LLC, obtained in 2006 a $13.5 million loan to finance the luxurious Riverside Square condominium project.
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