Bruce Hawkins, the former owner of Aspen Homebuilders, was arrested last week on eight counts of bank fraud.  He was released on a $25,000 bond but he must appear in federal court in Chicago.  If he is convicted, he could face up to 30 years in prison for the more than $1 million he stole from Amcore Bank.

Aspen Homebuilders filed for bankruptcy in 2008 just two years after accepting a contract to build luxury condominiums in Algonquin.  The development, known as Riverside Plaza, is now under new ownership.  For more see, “Riverside Plaza ex-developer accused of $1M fraud.”