April 30 2018
A Chicago federal judge has sentenced the former president of a Florida-based financial firm to a decade in prison in connection with a $179 million loan scheme.
Federal prosecutors in Chicago say Timothy G. Fisher was president of First Farmers Financial LLC when the company sold more than two dozen non-existent loans to a Milwaukee investment firm. Documents given to the Milwaukee firm falsely make it look like the loans were guaranteed in part by the federal government. The Milwaukee company suffered a $179 million loss.
The 41-year-old Fisher of Pasadena, California, was sentenced Thursday. He previously pleaded guilty to one count of money laundering.