A federal jury convicted a former bank executive on charges that he helped arrange $16 million in loans to Paul Manafort, in exchange for help getting a job in the Trump administration
A federal jury in Manhattan convicted a former bank executive on charges that heto former Trump campaign chairman Paul Manafort, in exchange for help getting a high-level job in the Trump administration.
Stephen M. Calk, the founder and former chairman of the Federal Savings Bank in Chicago, was found guilty on both counts he faced: financial-institution bribery and conspiracy to commit financial-institution bribery. Federal prosecutors said Mr. Calk pushed the bank to approve the, despite multiple red flags, because he hoped to be named secretary of the Army.
Mr. Calk’s lawyer, Paul Schoeman, argued at trial that Mr. Calk thought he was making profitable loans—which were unanimously approved by the bank’s loan committee—and said Mr. Calk wasn’t acting in bad faith. Instead, Mr. Schoeman said, Mr. Manafort and one of the bank’s loan officers were defrauding the bank Mr. Calk had dedicated his life to building.
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