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Business Partner of Former Peoria Hotel Owner Sentenced

WCBU | By Associated Press,
Kristin McHugh
Published April 30, 2018 at 9:04 AM CDT
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A business associate of a former Peoria hotel owner has been sentenced to a decade in prison in connection with a $179 million loan scheme.

Federal prosecutors say Timothy G. Fisher was president of Florida-based First Farmers Financial LLC when the company sold more than two dozen non-existent loans to a Milwaukee investment firm. A Chicago Federal judge sentenced Fisher on Thursday.

First Farmers' former chief executive officer Nikesh A. Patel pleaded guilty to five wire fraud counts and was sentenced last month to 25 years in prison. Patel is the former owner of Peoria’s Four Points by Sheraton hotel.

 
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State News Four PointsFour Points by SheratonhotelPeoria hotelsdowntown developmentNikesh Patel
Associated Press
The Associated Press is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers. AP is neither privately owned nor government-funded; instead, it's a not-for-profit news cooperative owned by its American newspaper and broadcast members.
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Kristin McHugh
Kristin McHugh is an experienced radio journalist and nonprofit manager. Most recently, she served as executive director of the Peoria Area World Affairs Council.
See stories by Kristin McHugh