A Woodstock, Illinois man was sentenced today by U.S. District Judge Philip G. Reinhard to two years in federal prison for bank fraud and money laundering. In addition, Jon C. Shain, 50, was ordered to pay restitution of $397,082 to Amcore Bank (now known as BMO Harris Bank) and to serve three years on supervised release after being released from prison. Shain will not be eligible for parole.
In pleading guilty on August 15, 2011, Shain admitted that in 2004, he created Coating Technologies Inc. and served as its only officer and director. In November of 2004, Amcore agreed to loan Coating Technologies $884,000 to purchase a building and equipment. According to the plea agreement, Shain obtained the loan proceeds in 2005 by submitting fictitious invoices claiming to have purchased equipment and related services. According to the plea agreement, Shain used similar sounding names and false addresses on the invoices to avoid further inquiries by Amcore.
FBI press release link: here