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Bank CEO charged with trying to trade loans for Trump post

1 year 4 months 1 week ago Thursday, May 23 2019 May 23, 2019 May 23, 2019 8:41 AM May 23, 2019 in News - AP National

NEW YORK (AP) - Federal prosecutors have charged a banker with trying to buy himself a role in President Donald Trump's administration by making risky loans to former Trump campaign chairman Paul Manafort.

Stephen M. Calk was arrested Thursday in New York City on a financial institution bribery charge.

He is scheduled to appear in Manhattan federal court in the afternoon.

A message seeking comment was left with his attorney.

Authorities said Calk committed the crime while serving as CEO of The Federal Savings Bank in Chicago.

Federal prosecutors described the charge in a release, saying Calk abused his bank position by approving millions of dollars in high risk loans that were ultimately downgraded.

Prosecutors say Calk wanted to be appointed Secretary of the Army or some other high level post.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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