Former Algonquin builder charged with bank fraud
November 20, 2012 2:00PM
Updated: November 20, 2012 4:54PM
A former home builder was charged with swindling a bank out of more than $1 million by submitting paperwork indicating his company did work that was never performed on Algonquin’s “Tyvek Towers.”
Bruce Hawkins, who owned Aspen Homebuilders Inc., was arrested Monday in Denver, Colo., where he now lives, after a federal grand jury in Chicago indicted him last week, according to the U.S. Attorney’s office.
Hawkins, 62, formerly of Algonquin, posted $25,000 bail and was released from custody after an appearance in federal court in Denver, where he was charged with eight counts of bank fraud, according to federal prosecutors.
In 2006, Aspen Homebuilders began work on Riverside Square, a commercial development at Route 31 and Algonquin Road in Algonquin, officials said. The development, which came to be known as Tyvek Towers by residents, remains incomplete.
After obtaining a $13.5 million commercial loan from Amcore Bank to build on the 1100 block of West Algonquin Road, federal officials alleged Hawkins went back to the well and sought compensation for permit costs, consultants’ work and construction that was not done.
Hawkins’ firm also left several residential projects incomplete, according to the indictment. It seeks at least $1 million in restitution from Hawkins, whose company went bankrupt in 2008.