In an astonishing display of financial chicanery, Chad D. Campen of Peoria, Illinois found himself pleading guilty to an array of charges that included bank fraud, money laundering, and making false statements under oath among others, as reported by the Department of Justice last Monday. The 34-year-old from the 6100 block of Pfeiffer Road admitted in court the depth of his years-long deceit which involved bilking banks, individuals, and companies in Central Illinois.
Pending his July 11 sentencing at the U.S. Courthouse in Peoria, Campen, who has been cooling his heels in the custody of the U.S. Marshals Service since January 2022, could be looking at a hefty slammer sentence plus fines. Being arrested on January 25, 2022, his freedom has been a distant memory after engaging in his fraudulent enterprises since early 2013.
As outlined in the courtroom before U.S. District Judge James E. Shadid, Campen's shell game consisted of making grandiose claims about his business ventures, amount of land under his cultivation, success in agricultural sales, and possession of vast amounts of grain and assets to secure funds unlawfully. According to the Justice Department's release, he created false documents and fronts to propel his fraudulent activities forward.
Should Campen’s past actions catch up to him in full, the penalties are steep – up to 30 years for bank fraud with a fine of $250,000 and supervised release for five years. The wire fraud counts hold a potential 20 years each, alongside a $250,000 fine and a three-year supervised release. Other charges rake up to an additional decade in prison and more financial penalties. Claiming the various charges, Campen's day of reckoning awaits as the gavel is set to fall this summer.
The unraveling of this fraud saga started with a referral by the United States Trustee for Region 10, leading to a thorough investigation by the FBI's Springfield Field Office and the IRS's Criminal Investigation Division. Assistant U.S. Attorney Douglas F. McMeyer represents the government in this prosecution, ensuring that justice for Campen’s victims is both sought and served.
