Bank's Ex-Leaders Plead Not Guilty To More Fraud Charges
Law360 (April 27, 2021, 10:34 PM EDT) -- The directors of a now-defunct Illinois bank pled not guilty on Tuesday to a third round of charges in a criminal case accusing them of shifting and hiding assets to avoid paying creditors after defaulting on personal and corporate loans.
Pethinaidu and Parameswari Veluchamy, who are now-defunct First Mutual Bancorp's primary shareholders, and their son Arun Veluchamy, who served on the bank's board of directors, entered not guilty pleas on a second superseding indictment that tacked three additional charges onto the nearly five-year-old case.
Pethinaidu and Parameswari Veluchamy have been fighting bankruptcy fraud, bank fraud, passport fraud and concealment and destruction...
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