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.
Between 2007 and 2008, he allegedly received more than $1 million in loan proceeds from Amcore Bank by submitting false contractor statements, waiver of liens, and contract invoices for permits, consulting and construction work, the news release states.
Hawkins, who now lives in Denver, was arrested there Monday after being indicted last week by a federal grand jury in Chicago. He was released on a $25,000 bond payment. Hawkins is due in court Nov. 27 in Chicago.
Check the NWHerald.com for updates.
– Stephen Di Benedetto