Charges against restaurateurs latest headache for Giannoulias (Senate candidate)

[n2doc]

March 11, 2010 7:12 PM | 23 Comments | UPDATED STORY
Two owners of Boston Blackie's have been charged in a scheme that cost a pair of banks nearly $2 million and also created another political headache for Democratic Senate nominee Alexi Giannoulias.

The father and son owners used business accounts at the Giannoulias family-owned financial institution, Broadway Bank, as part of their scheme, according to charges filed by Cook County prosecutors.

Prosecutors did not accuse Broadway Bank of any wrongdoing. But they did say Chris Giannis, 38, and his father Nick Giannis, 62, wrote checks with insufficient funds from accounts at Broadway to make deposits at other banks, then quickly moved that money out of the other banks.The scheme is known as "check-kiting," prosecutors said.

The restaurant chain has a longstanding relationship with Broadway Bank and the Giannoulias family, according to public records and interviews. Boston Blackie's borrowed millions of dollars over the years from Broadway for several commercial loans, and Nick Giannis was a significant donor to Alexi Giannoulias' campaigns. (Left: A Near North Side Blackie's. Abel Uribe/Chicago Tribune)

State and federal campaign records show Nick Giannis donated $110,000 to Giannoulias' 2006 bid for state treasurer and $4,800 to his current bid for U.S. Senate.


more:

http://www.chicagobreakingnews.com/2010/03/restaurant-owners-charged-in-18-million-scheme.html

[gateley]

1. Check kiting has been going on for years, and the banks aren't in on it. But I'm

surprised in today's instant transfer world that it's still possible.

[madrchsod]

2. he`s going to be a tough sell here...

kirk is center right and does`t have as much baggage as alexi. the governorship is also in doubt. the illinois 14th-hastret old district- could go back to the republicans.