According to an announcement by the United States Attorney for the Northern District of Illinois Zachary T. Fardon, an Elgin resident has pleaded guilty to federal charges of bank fraud and money laundering.
From December 2009 through March 2010, Angerman executed a scheme to fraudulently obtain a $510,000 loan from Alliant Credit Union and a $64,590 loan from Prairie Community Bank in order to purchase a home on Wrenwood Circle in Elgin. Angerman admitted to including false statements regarding his employment, assets, and liabilities in his loan application to Alliant, his plea agreement stated.
He also admitted to including fictitious bank account statements, pay stubs, a W-2 earnings form, and a fraudulent Certificate of Gift form to the credit union in support of his application, and based on these misrepresentations, Alliant issued him the loan.
Angerman further admitted to applying for and obtaining a $64,590 loan from Prairie Community Bank by pledging a 2008 Chevrolet Corvette as collateral without disclosing that the Corvette was subject to a prior lien of approximately $40,000 held by another bank.
The money laundering charge involved his transfer of the bank loan proceeds from his checking account at Allied Credit Union to an different account with another bank in the name of a relative in order to conceal his fraud against Prairie Community Bank.
On Jan. 3, 2011, Angerman filed for bankruptcy in Rockford in which he falsely testified under oath at a meeting of creditors, that he did not own any real estate other than what he had listed in his bankruptcy schedules, and that he did not own a car, when in fact he owned the home on Wrenwood Circle in Elgin and the Corvette.
Angerman now faces up to 30 years imprisonment with an additional five years of supervised release and up to $1million in fines for the bank fraud charge.
Sentencing has been set for October 3, 2016.
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