April 26, 2018
Former Financial Executives Sentenced in $179 Million Loan Scam
CHICAGO, IL – An investigation by the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) and the FBI has led to prison sentences for two former officials of Orlando, Florida-based First Farmers Financial LLC (FFF). The case, prosecuted by the U.S. Attorney for the Northern District of Illinois, resulted in guilty pleas by the pair for their involvement in the sale of $179 million in fraudulent loans to a Milwaukee company that provided investment services to 42 retirement plans covered by the Employee Retirement Income Security Act.