Skip to comments.Politically connected ex-Mutual Bank president barred from banking ( Obama mentioned )
Posted on 07/01/2013 6:59:49 PM PDT by george76
Amrish Mahajan, former president of failed Mutual Bank of Harvey and a major fundraiser for imprisoned former Gov. Rod Blagojevich, has been barred from future participation in the banking industry under a newly released regulatory order.
Mr. Mahajan consented, without admitting or denying unsafe or unsound banking practices, to a May 1 order by the Federal Deposit Insurance Corp. prohibiting him from participating in any manner in the conduct of the affairs of any federally insured institution.
Mr. Mahajan was known for his political connections, particularly to Mr. Blagojevich. Mutual Bank briefly entered the realm of national politics after news surfaced of the bank's role in financing the purchase of a lot next to the home of then-U.S. Sen. Barack Obama. The Obama family bought part of the lot from the wife of Blagojevich fundraiser Tony Rezko after Mutual Bank lent her $500,000 to purchase the property. Mr. Rezko is in prison on charges of fraud, among other things.
Mr. Obama, during his initial run for president, acknowledged later that the deal was a mistake
(Excerpt) Read more at chicagobusiness.com ...
Amrish Mahajan, is a defendant in 2 lawsuits involving Mutual Bank, the bank that loaned Rita Rezko the money to buy the lot that was split and sold to the Obamas. Kenneth J. Conner, the whistleblower in that transaction is plaintiff in one and the FDIC the other.
August 22, 2011 (CHICAGO) (WLS) — Anita Mahajan, a Chicago businesswoman with ties to former governor Rod Blagojevich, pleaded guilty to bilking the state of Illinois by submitting bogus bills.
“I’m sorry,” Mahajan said in court Monday while pleading guilty to felony theft for pilfering about $100,000 in taxpayer money through her drug-testing company, K.K. Bio-Science. That company is now defunct.
The 60-year-old received four years of probation, agreed to pay $200,000 in fines and perform 1,500 hours of community service.
Mahajan’s husband, Amrish, was a banker and significant fundraiser for Blagojevich. Also, Blagojevich’s wife, Patti, made more than $100,000 in commissions handling real estate deals for the Mahajans in 2006, which caused a stir in the Blagojevich re-election campaign. The following year, Mahajan was charged with cheating the state of out of $2 million for drug tests that were never performed.
Added to Chicago crime thread. Thanks. One down 99 to go
Politically connected ex-Mutual Bank president barred from banking (Obama mentioned )
Check out article, also comments # 3 and # 4.
Oh, you mean that house and property that doesn’t have an Obama listed anywhere on the deed and the family left in January 2009 never to set foot in since?