Riverside Square developer indicted
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.
- Share Facebook Twitter
Article sent to (required)E-mail
Article sent from (required)E-mail Name
Subject Line (article title)
Message (optional)Success - Article sent Click to close
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.Need more information about reprints? Visit our Reprints Section for more details.
Contact information ( * required )Name * Company Telephone * E-mail *
Article InformationTitle URL
Message (optional)Success - Reprint request sent Click to close