Illinois State Representative La Shawn Ford was indicted Thursday for using a $500,000 bank loan, meant for property rehabilitation, to pay off personal expenses and for his 2006 campaign:
Ford, 40, a Chicago Democrat, is charged with eight counts of bank fraud and nine counts of submitting false information to the bank in a 17-count indictment returned by a federal grand jury Thursday. It is unclear when he will be arraigned in U.S. District Court in Chicago.
Ford represents the 8th District on Chicago’s west side and has been a lawmaker since 2007. He was a real estate investor on the side and owned a firm called Ford Desired Real Estate.
According to the indictment, Ford obtained a $500,000 increase and a two-year extension on a line of credit, as well as multiple advances, from the failed ShoreBank by saying he intended to use the money to rehabilitate investment properties in Chicago.
Instead, he allegedly used the money to pay for car loans, credit cards, other mortgages, payments to a Hammond, Ind., casino, and for his 2006 campaign for state representative.