An 82-year-old banker from Oak Brook was sentenced to a year and a day in prison Tuesday for falsifying personal loan information that cost his former bank almost $700,000.
James A. Regas pleaded guilty in July to falsifying documents that caused Western Springs National Bank & Trust to lose $681,617. Over the course of five years, Regas referred business associates to his bank without disclosing he intended to benefit from the loans. Some of the loans were never fully repaid, prosecutors said.
The bank's two branches were closed by federal regulators in 2011 and its assets sold to Heartland Bank and Trust Co.
Since pleading guilty, Regas has repaid the lost funds and the judge also imposed an additional $60,000 fine.
Regas was ordered to begin serving his prison sentence in 90 days.Copyright © 2014 Paddock Publications, Inc. All rights reserved.