Ald. Patrick Daley Thompson got secret deal from Bridgeport bank shut down for ‘massive fraud’

He bought a summer home in Michigan with an unrecorded loan from Washington Federal Bank for Savings and now is under investigation for claiming deductions on his tax returns for interest authorities ‘

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Shortly after his election to the Chicago City Council in April 2015, Ald. Patrick Daley Thompson (11th) bought a $340,000 summer home in Michigan with a secret loan from a small Bridgeport bank that federal regulators later shut down for ‘massive fraud,’ the Chicago Sun-Times has learned.

Washington Federal Bank for Savings never publicly recorded the loan, for which federal authorities have found that Thompson never made any payments on the principal or interest, according to sources familiar with an ongoing criminal investigation into the bank’s failure.

But the authorities found that the Bridgeport alderman still deducted thousands of dollars in interest payments that he owed ‘ but never paid ‘ the bank on the federal income-tax returns he and his wife filed with the Internal Revenue Service for several years, the sources say.

Publisher: Chicago Sun-Times
Date: 2021-02-19T05:30:00-06:00
Author: Tim Novak
Reference: Visit Source (Read Article)