LaShawn Ford Responds to Bank Fraud Indictment
Ford was indicted today on 17 counts of bank fraud, says he believes he's innocent of the charges.
The indictment alleges Ford made false statements to a bank to obtain a $500,000 increase and a two-year extension on a line of credit from the failed ShoreBank. The funds were to be used to rehab investment properties owned by his company, Ford Desired Real Estate, Inc., but were instead used to pay back casino payments, credit cards and for funds in his 2006 campaign for Illinois representative.
Following the indictment, Ford did not return calls for comment, but later issued the following statement to his 8th District constituents, which include residents of Chicago, Oak Park and La Grange, among other suburban communities.
Ford Addresses Indictment in Letter to Constituents:
This has happened quickly; I became aware of this issue not long ago.
I believe I am innocent of the charges brought against me today. An indictment is an accusation, not a conviction that the law was broken.
I believe I did not break the law, and I look forward to the truth being told and justice being served.
I welcome constituents to my office at 5104 W. Chicago Avenue, Chicago at 5 p.m. this evening and again at 9 a.m. tomorrow. This meeting is for constituents only and not for the media.
La Shawn K. Ford