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Sentencing Hearing Scheduled for Kankakee County Man Guilty of Bank Fraud

August 22, 2018 / Source: FDICIG



Wednesday, August 15, 2018

Sentencing Hearing Scheduled for Kankakee County Man Guilty of Bank Fraud Related to Construction Loans

PEORIA, Ill. – Sentencing is scheduled on Dec. 6, 2018, for Daniel Ballard, 59, of Bourbonnais, Ill., for bank fraud related to construction loans. Ballard entered pleas of guilty to three counts of bank fraud on Aug. 13, before Chief U.S. District Judge James E. Shadid. Ballard was allowed to remain on bond pending sentencing.

On Aug. 13, Ballard admitted that between 2009 and 2012, he obtained multiple construction loan draws from the State Bank of Herscher by making false representations to Kankakee County Title Company claiming he had constructed one residence and remodeled another, when he had done neither. Instead, he used the fraudulently obtained money to attempt to finish construction of another residence at 3013 Stone Fence Drive in Kankakee, Illinois that was over budget.

At sentencing, the maximum statutory penalty for each of the three counts of bank fraud, is up to 30 years in prison and fines up to $250,000. Statutory penalties are prescribed by Congress and are provided here for informational purposes, as sentencing is determined by the court based on the advisory Sentencing Guidelines and other statutory factors.

Assistant U.S. Attorney Eugene M. Miller is prosecuting the case. The Federal Deposit Insurance Corporation (FDIC) Office of Inspector General conducted the case investigation.

A jury had previously convicted Ballard of all three counts of bank fraud in December 2016. In April 2018, however, the Seventh Circuit Court of Appeals affirmed the district court’s June 2017 decision to vacate Ballard’s convictions. A new trial was scheduled on Aug. 20, 2018; however, the jury trial date has been vacated following Ballard’s plea, and the case is set for sentencing in December 2018.

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