Chicago's ‘Robin Hood’ Banker Gets 5 Years Jail For Helping His Underwater Clients

robin hood

Jeffrey Gonsiewski has two titles: former vice president of the loan department at First Security Trust & Savings Bank, and Robin Hood (you’ll see why in a minute).

Now he can add a third: jailbird.

Gonsiewski was just sentenced to 63 months in prison for altering loan documents so that his customers’ payments appeared current, when they were long overdue, the Huffpo reported.

While his compassion is to be commended, this obviously prevented the bank from “taking timely action to collect delinquent loans and protect its assets,” and is against the law.

Hence, why Gonsiewski has been labelled the Robin Hood of Chicago-banking land.

From the Huffington Post,

[W]hen his clients were underwater with their mortgages, he told the bank they were up-to-date in order to buy them more time to pay, keeping First Security from “protect[ing] its assets” by foreclosing on their houses. His actions cost the bank, part of the sprawling Wirtz family empire, $5.5 million.

His lawyer (who clearly did not share our “well that’s actually pretty virtuous in a charitable kind of way”  reaction) described Gonsiewski’s plan as “an idiotic attempt to assist his clients, hoping that with extensions of their loans by deceit, eventually these clients” would repay the bank. He never intended to profit from those actions, his lawyer argued.

The defence obviously didn’t work.

For more details, go to the HuffPo >

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