McHenry Co. farmer accused of defrauding bank

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URBANA, Ill. (WAND) - A McHenry County farmer had been indicted by a federal grand jury for bank fraud.

The indictment stems from loans 42-year-old Timothy Cosman of Harvard received from Busey Bank.

He is charged with three counts of bank fraud. If convicted, he faces up to 30 years in prison and up to $3 million in fines.

Cosman is accused in a scheme to defraud the Champaign bank from Feb. 2014 through April 2016 resulting in the bank losing just under $3 million.

Officials said Cosman made false claims about his ownership in family companies to inflate his assets and claimed the loans would be secured by farm equipment he owned. The equipment was actually owned by somebody else.

Cosman is also accused of forging signatures and falsifying documents presented to the bank.

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