News

Chicago man charged with defrauding Oak Brook bank

Posted May 31, 2012 11:00 am

Jake Griffin

A 62-year-old Chicago investment adviser was indicted by a federal grand jury Wednesday, accused of defrauding two clients and an Oak Brook bank out of $3.2 million.

Robert J. Lunn is accused of fraudulently obtaining millions of dollars in lines of credit and loans from Oak Brook-based Leaders Bank for himself and two clients. The bank's losses are estimated at $2.7 million, according to court papers.

Lunn was once NBA Hall of Famer and former Chicago Bulls star Scottie Pippen's investment adviser. Pippen sued Lunn in 2004. Lunn was ordered to repay Pippen $11.8 million, according to media reports. It's unclear if Pippen's financial woes are part of this current indictment.

The indictment details Lunn's activities back to 2001. If convicted, Lunn faces a maximum of 30 years in prison for each count of bank fraud.

Article Comments

Article Categories
Business Communities News Oak Brook

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.