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In handing down the sentence, U.S. District Judge Virginia Kendall told Janice Weston, "It’s very troubling. You have a few moments in time where you knew it was illegal and you could have left.”
Barbara Glusak, who was Washington Federal Bank for Savings' chief financial officer, kept sounding the alarm about falsified loan records, court records show. But no one heeded the warning, allowing an embezzlement scheme at the bank to continue for six more years.
A former high-ranking city official was sentenced to 18 months in prison Wednesday for helping to conceal a multiyear embezzlement scheme that led to the failure of Washington Federal Bank for Savings, a family-run institution that had been a mainstay in Chicago’s Bridgeport neighborhood for more than a century. William Mahon, 57, pleaded guilty last year to conspiring to falsify bank records ...
Mahon admitted falsifying bank records during the 16 years that he served on the board of Washington Federal Bank for Savings.
They’re looking at ties between a dumpster company, owned by James W. Bracken III, and a former city official who was on the bank’s board, the Sun-Times has learned.