By KWMU/AP
SAINT LOUIS, MO – The former president of First Bank Mortgage in St. Louis is facing federal fraud charges alleging he funneled $35 million from the bank over nearly two decades.
U.S. Attorney Catherine Hanaway says Mark Turkcan began the fraud after losing millions of dollars on an investment for the bank in 1987.
Hanaway says Turkcan falsified bank documents over the following years to hide the loss.
She says he also borrowed money from Bear Stearns in New York to provide cash to his division, then told his bosses the borrowed money was actually income.
Turkcan's attorney, William Margulis, was studying the indictment yesterday before offering a response.