March 06, 2018
The former CEO of First Farmers Financial, who admitted to running a $179 million scheme through the sale of loans he falsely claimed had U.S. Department of Agriculture backing, was sentenced to 25 years in prison Tuesday.
August 14, 2017
An Illinois federal judge declined Monday to impose a preliminary injunction against two Banes Capital Management LLC entities accused of profiting from the $179 million fraudulent loan scheme orchestrated by Nikesh Patel through his First Farmers Financial LLC.
January 10, 2017
An Illinois federal judge on Tuesday refused to dismiss an offshoot of the $179 million First Farmers Financial fraud, in which the receiver managing the scam's aftermath accused a hospitality company executive of collecting an undeserved $850,000 from the loan company's owner.