September 26, 2022
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FireNews : Stephen Calk: Banker sentenced to prison for bribery scheme in chase for Trump administration job #FireNews365

Stephen Calk, the former chairman and CEO of The Federal Savings Bank, was found guilty last July of one count of financial institution bribery and one count of conspiracy to commit financial institution bribery for pushing $16 million in risky loans through his bank for Manafort.

“Stephen Calk abused his position as the CEO of a federally-insured bank to try to buy himself prestige and power by trading millions of dollars in high-risk loans for influence with a presidential campaign and consideration for positions at the highest levels of the Defense Department,” US Attorney Damian Williams said.

Calk got an interview with the Presidential Transition Team but was ultimately never offered nor accepted any positions within the administration and the bank incurred a multimillion-dollar loss when Manafort defaulted on the loans.

He was not immediately remanded into custody. He will remain out on bail pending his appeal.

The disgraced banker must pay $1,250,000 in fines, complete 800 hours of community service and two years of supervised release under his sentence.

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