He changed loan documents to make it look like payments were current when they actually were overdue. Now he’s headed to prison.
CHICAGO (AP) - A federal judge has sentenced a former suburban Chicago bank executive to more than five years in prison for a fraud that involved changing terms of loans for more than 50 customers and causing losses at the bank of more than $5 million.
Prosecutors say Jeffrey Gonsiewski altered loan documents to make it appear customers’ payments were current when he knew they were overdue. They say that prevented First Security Trust and Savings Bank in Elmwood Park from taking timely steps to collect delinquent loans.
On Tuesday, U.S. District Judge Elaine Bucklo also ordered the 56-year-old from Wood Dale to pay restitution of more than $5 million.
Gonsiewski pleaded guilty in August to one count of bank fraud.
He’s scheduled to begin serving his sentence on Jan. 20.
(© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)