Owner of Failed Wilmette Bank Charged With Fraud

Four people connected to the failed Wilmette Premier Bank have been arrested and charged with defrauding the federal government and misappropriation of funds --the bank’s failure wiped out $6.8 million in bank bailout funds it had received as part of the Troubled Asset Relief Program from the Treasury Department, Chicago Business reports.

Dr. Zulfikar Esmail, 70, owner and former chairman of the bank, was arrested July 10 at his Evanston home, if convicted on the felony charges, he could face mandatory jail time of six to 30 years; also arrested and charged were his wife, Shamim Esmail, 65, who sat on the bank board; and former directors Robert McCarty, 51, and William Brannin, 53; the three face lesser felony charges that don’t carry mandatory prison time but are punishable by four to 15 years in prison, the website reported.

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