Rezko Associate Gets Probation, Pay $2.3M
Lastest News Headlines:
Get Breaking News First
CHICAGO (CBS) – A former associate of “Tony” Rezko was sentenced to three years in prison and ordered to pay $2.3 million in restitution Tuesday for his role in a bank fraud scheme involving the sale of Rezko’s pizza restaurants.
Abdelhamid “Al” Chaib of La Grange Park was indicted on federal charges of taking part in a scheme to fraudulently obtain a $3.4 million loan.
On Tuesday, he was sentenced to three years probation and fined $50,000. He was also ordered to pay $2.3 million in restitution, U.S. Attorney’s office spokesman Randall Samborn said.
Chaib — an officer at “several” restaurants operated by Antoin “Tony” Rezko — impeded the IRS to avoid paying full taxes between 2003 and 2007, according to superseding indictment filed in U.S. District Court.
The document claims Rezko told Chaib to establish Chaib Investments LLC and use it to get funding to purchase certain pizza restaurants from Rezko at a fixed price.
A sentencing memorandum stated Chaib had deeply regretted the choices that led him to face the sentence. “Mr. Chaib blames no one but himself for his conduct, and has done his best to attone for it by making restitution and accepting responsibility for his actions,” court records said.
Rezko was convicted of fraud and bribery in 2008.