| Stephen Calk
Got Year and a Day For Manafort Loans Now
Has Application Pending at Fed
By Matthew
Russell Lee, Patreon Podcast 2 3 5
SDNY COURTHOUSE,
Jan 17 – 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
"this is a quick
request for a copy of the
application below, Stephen
Calk and The Federal Saving
Bank. As I'm sure
you know, Mr. Calk has
banking-related felony
conviction after trials in the
SDNY Federal court. So please
immediately email us the
portion of the application for
which confidential treatment,
rightly or wrongly, has not
been requested. After that, we
may request more, and/or
comment. But please email as
quickly as possible. I am
sending htis request here as
the Fed's website, for the
Chicago bank info request,
does not list an email address
(but does have a fax number).
"
The next
day, nothing yet. Again, the
Fed should just put
applications on the Internet.
Watch this site.
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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