BENTON, IL (WSIL) -- Former vice president of Community First Bank of the Heartland, Richard Pigg, had confessed to six counts of bank fraud and three counts of arson in federal court Friday morning.
Information on the charges stems from a press release from the United States Department of Justice.
According to the document, Pigg had used his status as the vice president and loan officer to defraud more than $600,000 from the bank and use the stolen finances to pay for personal expenses and purchase investment properties.
Pigg's scheme included convincing customers of the bank to accept loans to buy rental properties in Centralia, Mt. Vernon, Murphysboro, and West Frankfort. Pigg did not reveal his intent to keep the interest off the loans for his own personal gain. Furthermore, Pigg would promise the customers that he would secure the tenants, collect rent, and maintain the properties for the customer.
Pigg had also increase the amount financed in the loan by thousands of dollars and pocketed the extra money to pay for his own debts.
U.S. Attorney Tachelle Aud Crowe spoke about Pigg's confession of committing bank fraud, stating:
“Richard Pigg not only used his professional position to deceive his victims and defraud the bank that employed him, he also risked the lives and safety of our heroic first responders when he chose to burn houses and apartment buildings to collect even more money he wasn’t entitled to... In this proven pattern of conniving and hazardous actions, I appreciate the work by our federal law enforcement partners to put an end to the defendant’s dangerous financial ploys.”
Pigg had committed two acts of arson in 2016 when he burned property in the Centralia area twice - once in January, where there was only partial damage, and again in February which resulted in a complete destruction of the property. Pigg ten used the insurance benefits from the infernos to pay off the loan on the destroyed properties.
The former vice president committed a third act of arson in 2016 in West Frankfort when he set ablaze a four-unit rental apartment complex.
Bernard Hansen, Special Agent in Charge, Bureau of Alcohol, Tobacco, Firearms and Explosives, Kansas City Field Division, shared his thoughts on the crime of arson:
“Arson is never a victimless crime, nor should we ever allow ourselves to think of it as such. The criminal use of fire, whether to conceal crime, intimidate, or as in this case, defraud others erodes trust in our institutions and endangers the lives of those who selflessly respond, day or night or extinguish the flames."
Remington
Illinois,#2General Comment
Mon, May 15, 2023
Wonder why the Federal Investigators allways seem to stop short of a complete Investigation when Banks and their Bankers are caught in thier fraud for profit and other white collar crimes . Same with the Federal Courts who seem to want these types of cases pushed through their system as quicky as possible. Anybody know the answer?
Remington
Illinois,#3Consumer Comment
Sun, May 14, 2023
Did the Department of Justice forget to finish their Investigation in the High Profile PIGG CRIMES and Betrayl of the PUBLIC TRUST? Debbie Pigg Ashby aided her brother , Rick Pigg in carring out his lifelong crime spree, including while he was Vice President at the Community First Bank of the Heartland, WHERE SHE WAS CLIMBING THE LADDER IN POSITION in Mount Vernon Illinois. She covered for the PIGG FRAUD , how he was able to go undetected for so long. Debbie Pigg still works at same bank and has been permoted to VP at the same bank where EX VP RICK PIGG abused his power and position to defraud not just the bank but innocent lives.
Murphysboro, Illinois is this crime familys old stompin grounds where Sheriff Martin was given life in prision for his crimes, some of which were caught on tape wanting to bump people off that were in his way exposing him and his crimes. Bankers too have been know to put hits on people to be bumped off also, as we all know. RIck Pigg aka RICHARD B, PIGG ran with Jackson County Sheriff Raymon Martin. Was Sheriff Martin covering for Pigg, perhaps receiving kick backs to cover Piggs Arson and perhaps other crimes yet to be uncovered? Enquiring Minds Want to Know.
Levi
Illinois,#4General Comment
Wed, May 10, 2023
Here is Piggs picture , that could save you from his Modus Operandi, to Rip You Off with Malice Intent.
Levi
Illinois,#5Consumer Comment
Tue, May 09, 2023
This lower than whale excrement is guilty of far more than his guilty plea reveals. He gets appointed a free Federal Attorney, while all the money gained from his Racketeering and Extortion is being hidden in secret accounts. This psychopath is the lowest form of life that cannot be rehibilitated and should be locked up for life without parole, in order to ensure he never strikes again. He is right back out there today impersonating a real estate professional behind his new Gig with JIM LAKES because the Banks wont hire him anymore. The Real Estate deal he tried to push off on my mother recently was evidence of his continued psychopathy and scheme to defraud.