The U-S Federal Court in Urbana is announcing the conviction of former Herscher Bank president David Rabideau (Rab-uh-due). The 43-year-old from Clifton pleaded guilty to receiving a kick-back of $75,000 in a 2007 real estate deal. His plea was also for filing false income tax returns.
The Court reports Rabideau also admitted to not reporting taxes on over $9,500 in capital gains.
A September 11 sentencing date is scheduled. Rabideau could be looking at up to 30 years in prison and fines up to $1-million dollars.