Ald. Patrick Daley Thompson indicted, faces charges involving failed Bridgeport bank

The alderman is the nephew of former mayor Richard M. Daley and grandson of former mayor Richard J. Daley
CHICAGO (WLS) -- Chicago Alderman Patrick D. Thompson has been indicted on seven financial counts by a federal grand jury that he attributes to "inadvertent" errors, an "incorrect" memory and he says he's innocent.

Thompson, perhaps most famous for his middle name "Daley", represents the city's 11th Ward, which was home to his uncle, Mayor Richard M. Daley and his grandfather, Mayor Richard J. Daley.

This grand jury indictment alleges that 51-year-old Thompson filed false U.S. tax returns and that he lied to officials with the Federal Deposit Insurance Corporation about nearly $200,000 in loans and payments from a Chicago bank.

The insolvent Washington Federal Bank for Savings was shut down in 2017 with $66 million in nonperforming loans.

Thompson is accused of stiffing the Bridgeport bank of all but one loan payment and failing to pay interest on the money he received.

The alderman issued a statement that says:

I am very disappointed by the Justice Department's decision to return an indictment against me today for inadvertent tax preparation errors and my incorrect memory about the amount of a personal bank loan. I discovered the tax error and paid the small amount of taxes I owed. When the bank provided me the documents showing the actual amount of the loan, I promptly paid it back. Both matters were resolved before there was any government investigation.

I want to make two points.

First, my conscience is clear. I did not commit any crime, I am innocent, and I will prove it at trial.

Second, I am, first and foremost, a public servant. The charges in the indictment do not relate in any way to my public service or to my professional life. I remain 100 percent dedicated to serving the people of Chicago to the best of my ability.

I have complete confidence in our system of justice and look forward to showing that the accusation is false.

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