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Man Sentenced to 26 Months on Federal Fraud Charges

Stephen T. Angerman, 48, of Elgin, was sentenced on Monday to 26 months in federal prison, followed by 3 years of supervised release. A hearing to determine the amount of restitution has been set for Oct. 21, 2016, at 2:30 p.m.

Angerman pleaded guilty on June 24, 2016, to bank fraud, money laundering, and testifying falsely in a bankruptcy case.

In his written plea agreement, Angerman admitted that from December 2009 through March 31, 2010, he schemed to fraudulently obtain a $510,000 loan from Alliant Credit Union and a $64,590 loan from Prairie Community Bank in order to purchase a home on Wrenwood Circle in Elgin. Angerman admitted to making false statements on his loan application to Alliant about his employment, assets, and liabilities. He further admitted to submitting fictitious bank account statements, pay stubs, a W-2 earnings form, and a fraudulent Certificate of Gift form to the credit union in support of his application. Alliant issued the loan based upon Angerman’s false representations.

Angerman also admitted that in December 2009 and January 2010, he applied for and obtained a $64,590 loan from Prairie Community Bank by pledging a 2008 Chevrolet Corvette as collateral without disclosing that the Corvette was subject to a prior lien of approximately $40,000 held by another bank. Angerman further admitted in his plea agreement that he schemed to defraud PNC Bank and Consumers Credit Union in order to obtain a $69,200 loan from PNC Bank and a $69,000 loan from Consumers Credit Union by secretly double pledging his home on Wrenwood Circle in Elgin as security for both loans.

With regard to the money laundering charge, Angerman admitted that on March 23, 2010, he transferred most of the proceeds – $64,500 – from his checking account at Alliant Credit Union to an account in the name of a relative at a different bank in an attempt to conceal his bank fraud against Prairie Community Bank.

On Jan. 3, 2011, Angerman filed for bankruptcy in Rockford. Angerman admitted that on Feb. 7, 2011, he falsely testified under oath at a meeting of creditors by stating he did not own any real estate other than what he had listed in his bankruptcy schedules, and that he did not own a car, when in fact he owned the home on Wrenwood Circle in Algin and a 2008 Chevrolet Corvette.