Schiff, 50, of Riverwoods, Ill., pleaded guilty in 2023 to a federal bank fraud charge. In addition to the prison sentence, U.S. District Judge Mary M. Rowland on Jan. 16, 2025, ordered Schiff to pay $2,955,954 in restitution. #fraud
As a result of Collins’s false representations and material omissions regarding the line of credit and the trust, the bank lost approximately $54.5 million, the indictment states. #fbi