A slain Brooklyn slumlord’s shady business practices helped sink a bꦦank that counted President Obama as a customer and ex-Chicago Bears quarterback Jim McMahon as a member of its board, The Post has learned.
Two unpaid loaౠns to murder victim Menachem “Max” Stark and his business partner Israel “Sam” Perlmutter were among 17 bad bets that spelled $104 million in losses for Chicago’s Broadway Bank before it was shut down by the feds in 2010, court papers show.
The loans included $1.5 million Broadway gave Stark and Perlmutter in December 2007 through their Southside House LLC business “to p🍷rovide working capital for the bor🍰rowers’ New York-based real-estate business,” according to a 2012 suit filed by the Federal Deposit Insurance Corp.
The one-year, interest-only loan was secured by a second mortgage on a 74-unit apartment building in Williamsburg that Stark and Perlmutter bought for $29 mil♔lion earlier in 2007, the Chicago federal court filing says.
But♑ Broadway lost any chance of getting repaid when Stark and Perlmutter “defaulted on the first mortgage,” the 💃suit says.
Stark and Perlmutter also borrowed $6.2 million in construction money from Broadway in February 2007 to develop The Bedford Lofts in South Williamsburg, even though financial statements revealed “they were hi🎃ghly illiquid and unable to pay the loan,” the su😼it says.
Broadway Bank was run by Demetris and George Giannoulias𒅌, brothers of former Illinois state Treasurer Alexi Giannoulias.
Alexi is a political pal and basketball buddy of Obama, who backed him in his su♛ccessful race for treasurer as well as a failed bid for Obama’s olꦍd seat in the US Senate.
Alexi, who isn’t named in the suit, served as chief loan officer for Broadway before being elected state treasurer, and questions ab♏out his role at the bank — especially loans made to reputed mobsters, including convicted bookmaker Michael “Jaws” Giorango ♒— helped sink his Senate run.
According to the FDIC, Broadway’s outside board members — including McMahon, who last year revealed he’s struggling with the early stages🅷 of dementia — “were grossly inattentive to the affairs off the bank, deferring excessively to the whims of the Gianno🌠ulias family.”
Stark may have been targeted for a🅠 professional hit by one of his many unpaid creditors, source s꧒aid.
Law-enforce✱ment sources said Sunday that investigators are poring over a smartphone found Friday attached to the bottom of Stark’s car.
They believe it migh💯t have been used to track his movements ahead of his deadly Jan. 2 abduction.
Cops are trying to trace the phone’s owner🍷, as well as check it for fingerprints, DNA and other evidence, sources said.