Mt. Vernon Register-News

State News

February 20, 2013

Ex-bank exec gets prison time for false statements

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CHICAGO (AP) — An 82-year-old former bank executive has been sentenced to a year and a day in prison for failing to disclose personal interest in loans that resulted in more than $680,000 in losses to the bank.

U.S. District Judge Gary Feinerman sentenced James Regas of Oak Brook on Tuesday and ordered him to report to prison in 90 days.

Regas is former chairman of Western Springs National Bank & Trust, which was closed by federal regulators in April 2011.

He pleaded guilty last July to making false statements. Prosecutors say he admitted referring business associates to the bank for loans without telling the bank that he had financial interests and would benefit personally. He also submitted false conflict-of-interest statements.

Regas has paid more than $680,000 in restitution and was fined $60,000.

 

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