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Authorities say they’ve recovered $59 million toward the money lost when they shut down Washington Federal Bank for Savings, but they’re still out another $81 million, records show.
William M. Mahon, who was once suspended for helping rig city job applicants’ test scores, now faces charges over his role as a Washington Federal Bank for Savings board member.
Washington Federal Bank for Savings, 2869 S. Archer Ave., was shut down in December 2017 for “unsafe or unsound practices” days after its president and chief executive officer, John F. Gembara, was found dead at a bank customer’s home. A federal audit uncovered an $82.6 million fraud at the bank. Google street view In the summer of 2017, a Chicago accounting firm with political connections gave Washington Federal Bank for Savings in Bridgeport a clean bill of health in the yearly audit required by federal bank regulators. They ultimately found more than $82 million in suspicious loans ...