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updated: 7/31/2014 2:50 PM

Former Algonquin homebuilder sentenced for bank fraud

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Daily Herald report

A former Algonquin homebuilder was sentenced to 15 months in federal prison Thursday after pleading guilty earlier this year to charges of bank fraud related to the collapse of the Riverside Square development. Bruce Hawkins, 64, of Colorado, the former owner of Aspen Homebuilders Inc., was also ordered to repay more than $1 million following the collapse of his company and Riverside Square in Algonquin in 2008.

Hawkins admitted defrauding Amcore Bank of more than $1 million from the proceeds of a $13.5 million line of credit to finance the construction project. Prosecutors said Hawkins submitted false financial documents for nearly a year and a half to the bank to continue obtaining funds from the line of credit.

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He was ordered to begin serving his sentence Oct. 14 and he must serve at least 85 percent of it.

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