Inner City Press

Monday, April 6, 2026

Stephen Calk Convicted of Manafort Loans in 2021 Applied to Fed But His Brother Opposes

By Matthew Russell Lee, Patreon Podcast 2 3 5

SDNY COURTHOUSE, April 3 â€“ After months of preliminaries, the trial of Stephen Calk for conspiracy to trade his bank's loans to Paul Manafort for the Secretary of the Army position began. Inner City Press live tweeted, here, previous coverage here, podcast here

After mere hours, the jury found him guilty. Inner City Press verdict tweet here; in front of 40 Foley Square, Calk refused questions (including on his bank and desire of UN Ambassador position) and was whisked off in a black car. Video here. Sentencing was set. Podcast here.

Jump cut to January 2026 when this appeared on the Federal Reserve's website:

"The Stephen M. Calk 2025 Trust, Houston, Texas; to become a savings and loan holding company by acquiring National Bancorp Holdings, Inc., and thereby indirectly acquiring The Federal Savings Bank, both of Chicago, Illinois. 10 Chicago"

Can a convicted felon be part of the ownership structure of an FDIC insured bank? Does it being a trust change anything?

The Federal Reserve Bank of Chicago does not list an email address to request information or copies of applications. They should just be put on the Internet, Fair Finance Watch and Inner City Press suggested - and emailed 4 af FRBChi

Days later, a portion of the application was provided. Surprised, FFW filed this:

This is a first timely comment opposing the application by The Stephen M. Calk 2025 Trust...

Stephen Calk was indicted for, and in July 2021 was convicted of financial institution bribery and conspiracy to commit financial institution bribery. In the understanding of many, the conviction - or even before, given the evidence - would have led to an order of prohibition.

But after waiting some time for a copy of the "public' portion of the application, we learn of a September 2023 letter from the Federal Reserve Bank of Chicago to Mr. Calk, with heavy redactions - and now in 2026 this application, which we are opposing. For the record, this FOIA request has been submitted through the Fed's FOIA portal:

"This is a FOIA request for all withheld portions of the pending application by the Stephen M. Calk Trust re The Federal Savings Bank."

Then on March 24 the Fed sent Inner City Press a redacted answer. The Fed asked, "1. Confirm whether The Stephen M Calk 2025 Trust has been legally formed. If it has not yet been formed, confirm when the applicant intends to complete formation of the trust.

The answer: "The Trust has not been legally formed; we intend to form it promptly upon approval of the application by the Federal Reserve Board." - than a full paragraph redacted. Inner City Press immediately submitted a FOIA request, receipt confirmed.

We said: we will comment more once the needed documents are provided.

While the Fed has continued to withhold, now Stephen Calk's brother John has opposed the application, and also complains of the Fed's FOIA performance. Watch this site.

Also, for the record, Fair Finance Watch has been monitoring The Federal Saving Bank and finds that in 2025 in Illinois it made 759 mortgage loans to whites while denying only 86 applications from whites, while making only 98 loans to African Americans and denying fully 27 applications from African Americans. This is disparate.

In New York State in 2024, The Federal Savings bank made 332 mortgage loans to whites while denying only 62 applications from whites, while making only 154 loans to African Americans and denying fully 19 applications from African Americans.

Nationwide in 2024 The Federal Savings Bank made 4285 mortgage loans to whites while denying only 760 applications from whites, while making only 934 loans to African Americans and denying fully 239 applications from African Americans. This is disparate.

Finally, for now, while not conceding that this belated trusteeship structure would comply with the law and good policy, the proposed trustee is listed on the board of directors of another bank, Consumers Bank - we will have more on this when the documents, requested the day after the FRB of Chicago belatedly provided us the public portion of the application, are provided.

The application should not be approved

On February 7, 2022 Calk was sentenced to a year and a day - but got bail pending appeal.

Two years later, with Calk still not in prison, on February 22, 2024 his lawyers wrote in. Letter on Patreon here.

On March 4, Judge Schofield denied Calk's motion, and set a surrender date: "ORDERED that Defendant shall surrender for service of sentence at the institution designated by the Bureau of Prisons by 2:00 P.M. on April 18, 2024.

On December 2, 2025 Calk's counsel wrote in asking to eliminate the last year of supervised release, saying the US Attorney has no objection.

And on December 9, it was granted: "as to Stephen M. Calk, Application Granted. Defendant Calk's term of supervision is terminated effective today.(Signed by Judge Lorna G. Schofield on 12/9/2025)."

The case is US v. Calk, 19-cr-366 (Schofield)

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Man Arrived Legless in SDNY Via Oklahoma in Gun Case now US Says Incompetent in Devens

by Matthew Russell Lee, Patreon Book Substack

SDNY COURTHOUSE, April 3 â€“ Ira Booker was charged with conspiracy to traffic in narcotics and automatic weapons, with the Sinaloa Cartel and even Al Shabaab. He was arrested in California on February 24, 2023.

Two months later, on April 25, 2023 U.S. District Court for the Southern District of New York Magistrate Judge Ona T. Wang arraigned Booker, who was in a wheelchair.

His lawyer said that while being transferred from California to New York via the hub in Oklahoma, he was left in a place in shackles, got blood clots and ended up having a leg amputated.

Upon arrival in New York, rather than the MDC in Brooklyn, he was placed in a rehabilitation center in the Bronx named Gold Crest. After arraignment he was to be taken back there.

On April 27 District Judge Jennifer H. Rearden to her credit ordered records, albeit under seal.

On May 9, 2023Judge Rearden held a status conference, with Booker still in Gold Crest: "Minute Entry for proceedings held before Judge Jennifer H. Rearden: Status Conference as to Ira Booker held on 5/4/2023. Defendant Ira Booker present by telephone from Gold Crest Care center with Federal Defender by video... The Court requested a status letter."

Jump cut nearly a year to May 3, 2024 - Booker's medical condition still unresolved: "As soon as a medical evaluation of Defendant Booker has taken place, the Government is directed to submit a status report."

Jump cut to January 30, 2025 when after Federal Defenders confirmed they won't insist on being present, a mental evaluation was ordered up: "ORDER as to Ira Booker. it is hereby ORDERED as follows: Dr. Cheryl Paradis is appointed by the Court to conduct a psychological examination of Defendant Booker pursuant to Title 18, United States Code, Section 4241(b), in order to assist the Court in determining whether the Defendant presently is suffering from a mental disease or defect which renders him mentally incompetent to the extent that he is unable to understand the nature and consequences of the proceedings against him or to assist properly in his defense. The psychological examination shall be conducted at East Orange General Hospital. A status conference will be scheduled to take place promptly after Dr. Paradis's report is submitted to the Court and disclosed to the parties (Signed by Judge Jennifer H. Rearden on 1/30/25)

On February 25 Judge Rearden docketed that co-defendant Mittel Patel "may wish to enter a change of plea."

On April 4, Patel pled guilty, with sentencing set for August 7. A competency hearing for Booker was set.

On April 15, Booker was ruled mentally incompetent, then this order: "The Defendant shall forthwith be committed to the custody of the Attorney General, who shall hospitalize the Defendant for treatment in a "suitable facility," for such a reasonable period of time, not to exceed four months, as is necessary to determine whether there is a substantial probability that in the foreseeable future he will attain the capacity to permit the proceedings to go forward. After the Defendant's first 60 days at the suitable facility, the responsible examining physician shall submit an interim report to the Court."

On July 16, the US Attorney's Office wrote in that Booker would be in a "suitable medical facility in September 2025.

But as of February 11, 2026, nothing since no Booker as counsel to co-defendant Patel, also in the Luigi Mangione case, asked for 10 years or 120 months on March 4.

On March 4 he got 186 months and a press release which made no mention of Booker and his missing leg.

On April 3, the US Attorney's Office belated docketed its March 9 letter agreeing that Booker is "incompetent" and should be evaluated at FMC Devens, where he is. Inner City Press will stay on this.

The case is USA v. Patel, et al., 1:23-cr-120 (Rearden)

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