Banker convicted of approving $16M in loans to win favor with Paul Manafort

A federal jury convicted the former chief of a Chicago bank on charges he approved millions of dollars of risky loans to Paul Manafort, former campaign manager for President Donald Trump, in an effort to gain a top post in the Trump administration.

Stephen Calk, former chairman and chief executive of Federal Savings Bank, was convicted on Tuesday of financial institution bribery and conspiracy, a spokesperson for the US Attorney’s Office in Manhattan confirmed. Prosecutors had said Calk helped arrange $16 million of loans to Manafort that later went into default.