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updated: 11/20/2012 10:56 PM

Riverside Square developer indicted

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A former Algonquin homebuilder responsible for the collapse of the commercial and residential property development Riverside Square is facing federal bank fraud charges.

Bruce Hawkins, 62, formerly of Algonquin, was arrested Monday in Denver, Colo., after being indicted by a federal grand jury in Chicago and was charged with eight counts of federal bank fraud.

As the former owner of Aspen Homebuilders Inc., authorities say Hawkins used the Riverside Square development to obtain a $13.54 million commercial loan to finance the construction and then obtained more than $1 million in loan proceeds by submitting false contractor statements to Amcore Bank. Each count of bank fraud carries a maximum penalty of 30 years in prison and a $1 million fine.

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