Illinois State Rep LaShawn Ford has been indicted on federal bank fraud charges.
According to a statement released by the Dept of Justice, Ford allegedly fraudulently obtained a $500,000 increase on a line of credit from the failed ShoreBank. He also obtained multiple advances by making false statements about his intended use of the funds.
Ford is charged with eight counts of bank fraud and nine counts of submitting false information to the bank.
A date for arraignment has not been set yet.