Chicago federal judge gives 10-year sentence in loan scheme

CHICAGO (AP) — A Chicago federal judge has sentenced the former president of a Florida-based financial firm to a decade in prison in connection with a $179 million loan scheme.

Federal prosecutors in Chicago say Timothy G. Fisher was president of First Farmers Financial LLC when the company sold more than two dozen non-existent loans to a Milwaukee investment firm. Documents given to the Milwaukee firm falsely make it look like the loans were guaranteed in part by the federal government. The Milwaukee company suffered a $179 million loss.

The 41-year-old Fisher of Pasadena, California, was sentenced Thursday. He previously pleaded guilty to one count of money laundering.

First Farmers’ former chief executive officer Nikesh A. Patel of Windermere, Florida, pleaded guilty to five wire fraud counts and was sentenced last month to 25 years in prison.