A Peoria man who pleaded guilty guilty in March for defrauding several financial institutions over a nine-year period, was sentenced to 11 years in prison in U.S. District Court on Oct. 24.
Chad D. Campen, 34, reached a plea deal in March on seven of 17 original federal fraud charges — three counts of wire fraud and one count each of bank fraud, money laundering, bankruptcy fraud and false statements under oath — after admitting that he had devised a scheme to defraud banks by lying about the amount of land he owned, his business deals and tax information, all to obtain loans that he used for personal items.
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During the sentencing hearing, prosecutors spoke with the U.S. Attorney’s Office for the Central District of Illinois brought together people affected by Campen’s actions, many of whom described themselves as “survivors” of the plan. Some witnesses said Campen would try to get close to them, posing as their friend, while planning to take their money.
In one case, prosecutors said a family farm had to be seized because Campen demanded their equipment to secure a loan. In another case, Campen befriended an older man while receiving $50,000 from his bank account.
Finally, Campen convinced a family to take up a possible farming opportunity, with the unit even going so far as to use their own farm as collateral while they took out a loan. However, the fraud scheme eventually collapsed, with not only the money disappearing, but the farm as well, taking it away from the only people who had run it for 100 years.
In total, Campen was able to get $17 million from the banks over the course of nine years, with $5 million still due when he was arrested in January 2022. He also tried to use the bankruptcy court to prevent creditors from receiving payment. and prevent regulators from discovering his actions.
Prosecutors also detailed Campen’s actions along with his partner, Richard Weiss attempts to demolish the Bowen Building in Bartonville during that same nine-year period. Campen reportedly told village officials that he could sell the building’s materials after demolition and recoup the loans and investments he made in his partnership with Weiss.
As a result of the trust in Campen and Weiss, the village lost half its tax revenue for an entire year and ultimately sued Weiss in 2021 to try to collect the $300,000 it lost.
Weiss was indicted in February on bank fraud and money laundering charges for his role in the scheme, alleging he helped Campen alter bank statements to make it appear he had $200,000 more than he actually did. Weiss pleaded guilty within three days of his indictment and was also sentenced Thursday to 15 months in prison, with Senior Judge James Shadid noting that Weiss’ personal situation and lesser role in the crimes played a major role in the disparate sentences.
Campen could have been jailed for up to 70 years on various charges. He was also given a three-year supervised release period during which he is prohibited from doing any kind of business with the banking industry.
Gregory Harris, the U.S. Attorney for the Central District of Illinois, said Campen’s actions caused significant harm to people, banks and municipalities.
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“The defendant’s repeated acts of fraud caused great harm not only to financial institutions, but also to members of our community, including but not limited to the Village of Bartonville and its taxpayers,” Harris said. “Our office is committed to protecting individuals and banks from predatory acts like that of the defendant and will vigorously prosecute such cases.”
We are our federal law enforcement partners, the Internal Revenue Service and the Federal Bureau of Investigationas well as the Office of the United States Trustee for Region 10.”