Former Riverside Developer Faces Federal Bank Fraud Charges
Bruce Hawkins, formerly of Algonquin, was charged with eight counts of bank fraud for his role in the collapse of the Riverside Square project in downtown Algonquin.
Bank fraud charges have been filed in federal court against the former developer of Riverside Square—a building project in downtown Algonquin that long stood vacant at Route 31 and Route 62, according to an Illinois Department of Justice press release. Bruce Hawkins, formerly of Algonquin, is accused of of defrauding Amcore Bank of more than $1 million and contributing to the collapse of the downtown Algonquin project, according to the DOJ press release. Hawkins is the former owner of Aspen Homebuilders, Inc., which went bankrupt in 2008. Hawkins was arrested Monday and appeared in federal court in Denver. He was ordered to appear for an arraignment at 11:30 a.m. on Nov. 27 in Chicago and released after posting a $25,000 unsecured bond. …
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Soonwinner
9:37 am on Thursday, November 22, 2012
There is a lot of loose change involved in this fraud. Given the unmarketability of the project nothing nefarious would surprise me. This is the kind of stuff that goes on in Chicago, were bad buildings are built, sometimes BEFORE the permits are issued, because the builder has the right connections. Just saying. more ›