The Latest: Calk lawyer: He’s done ‘nothing wrong’
The Associated Press
May 23, 2019 11:48 AM
In this June 28, 2012 photo, Stephen M. Calk, Chairman and Chief Financial Official of The Federal Savings Bank speaks as Chicago Mayor Rahm Emanuel listens during an announcement about job growth and economic development and a corporate headquarters relocation by the Federal Savings Bank to Chicago. Calk, who prosecutors say tried to buy himself a senior post in President Donald Trump’s administration by making risky loans to former Trump campaign chairman Paul Manafort, was arrested Thursday, May 23, 2019, on a financial institution bribery charge.
Chicago Sun-Times via AP
The latest on the charges against bank CEO Stephen Calk (all times local):
A lawyer for a banker charged in New York with trying to issue loans to win a role in President Donald Trump’s administration says his client has done nothing wrong.
Attorney Jeremy Margolis said in a statement Stephen Calk will be exonerated on the “baseless isolated charge” following the bank executive’s arrest Thursday.
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He was charged with a financial institution bribery charge.
Calk was CEO of Chicago’s The Federal Savings Bank when allegedly approved $16 million in loans to former Trump campaign chairman Paul Manafort in the hopes of getting a senior post in Trump’s administration.
The bank says in a statement it’s not a party to the criminal case. It also says Calk is on a complete leave of absence and has no control over or involvement with the bank.
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.