CHICAGO (WBBM NEWSRADIO) -- A former controller of Chicago's East Bank Club pleads guilty to a bank fraud charge after federal prosecutors say he admitted to embezzling more than $4 million from the club.
Federal investigators said Peter Savely, 58 admitted that from 2013 to 2020, he embezzled the money by issuing paychecks for employees, on which he forged their signatures as well as that of the club's chief financial officer.
Prosecutors said Savely deposited the checks into bank accounts he controlled.
Savely tried to conceal the embezzlement by regularly making false entries in the club’s financial ledgers and issuing the checks from different departments, according to investigators.
Prosecutors said Savely faces up to 30 years in prison and a fine of as much as one million dollars. His sentencing is scheduled for February.
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