Former Chicago City Hall insider William Mahon gets 18 months in prison for his role in crooked Bridgeport bank scandal

A former high-ranking aide to three Chicago mayors was sentenced Wednesday to 18 months in prison and fined $75,000 for his role in the collapse of a crooked Bridgeport bank with ties to the Daley family and their political organization.

William “Billy” Mahon , who grew up down the street from the late Mayor Richard J. Daley, is among 16 people indicted for what federal officials have called “a massive embezzlement scheme” at the Washington Federal Bank for Savings , which shut down in December 2017.

Federal investigators closed the bank 12 days after the bank’s CEO, president and chairman of the board, John Gembara, was found dead with a rope around his neck in the bedroom of one of the bank’s customers, Marek Matczuk, who has since been convicted of embezzlement.