Sunday, March 19, 2006

News Item /FYI

And the Kakvand 'saga' continues...
U.S. says banker moved cash overseas March 18, 2006
CHICAGO -- Federal authorities said Friday that a banker who fled the country after being indicted for mortgage fraud arranged for the wire transfer of $800,000 to accounts he controlled in Switzerland and Dubai shortly before he was charged.

Fugitive banker Michael Kakvand was arrested in December in Canada, returned to Chicago but now wants to be released on bail. His lawyer, Edward Genson, is arguing that he is not a flight risk, but Assistant U.S. Atty. Brian Havey disagreed.

U.S. District Court Judge William Hibbler has scheduled further hearings on the issue. FBI agent Jay Hagstrom testified Friday that Kakvand was secretly and illegally tape-recorded by a one-time co-worker while he was on the run. In one of the recorded conversation, Kakvand tells the worker:

"I am sure from the bottom of my heart I have not done something terribly wrong."

Prosecutors contend that Kakvand was part of a ring that engaged in a $29 million mortgage fraud scheme in Chicago.
Copyright © 2006,
Chicago Tribune March 18, 2006

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