Business Partner of Former Peoria Hotel Owner Sentenced

Apr 30, 2018

The Four Points by Sheraton in Peoria remains under construction. Its expected to open in October.
Credit Google Earth / Google

A business associate of a former Peoria hotel owner has been sentenced to a decade in prison in connection with a $179 million loan scheme.

Federal prosecutors say Timothy G. Fisher was president of Florida-based First Farmers Financial LLC when the company sold more than two dozen non-existent loans to a Milwaukee investment firm. A Chicago Federal judge sentenced Fisher on Thursday.

First Farmers' former chief executive officer Nikesh A. Patel pleaded guilty to five wire fraud counts and was sentenced last month to 25 years in prison. Patel is the former owner of Peoria’s Four Points by Sheraton hotel.