Thompson represents the city's 11th Ward, which was home to his uncle, Mayor Richard M. Daley and his grandfather, Mayor Richard J. Daley.
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The 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.
RELATED: Ald. Patrick Daley Thompson indicted, faces charges involving failed Bridgeport bank
Thompson issued a statement after the indictment saying
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.
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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.
The video in this story is from a previous report