Ali M. Summers Acting United States Attorney for the Southern District of Illinois | U.S. Attorney for the Southern District of Illinois
A federal grand jury has indicted Andrew P. Blassie, the former Executive Vice President of the Bank of O’Fallon, in connection with a $2 million fraud scheme. The indictment was announced in East St. Louis, Illinois, detailing charges of one count of bank fraud and one count of interstate transportation of security or funds obtained by fraud against the 69-year-old St. Louis resident.
U.S. Attorney Steven D. Weinhoeft expressed the gravity of the crime, stating that "Senior bank officials must act as fiduciaries, not felons—they must serve the bank, not swindle it." The allegations involve a check-kiting scheme and deception of investors, showcasing "the type of financial betrayal that will not be tolerated."
The indictment outlines that between September 2023 and September 2024, Blassie executed a check-kiting scheme to inflate his bank account artificially. It is alleged that he deposited checks with insufficient funds from multiple bank accounts into one at the Bank of O’Fallon. As a result, Blassie is accused of misappropriating nearly $2.7 million in personal expenses.
Michael Kurzeja, Resident Agent in Charge at the U.S. Secret Service Springfield Resident Office, commented on the case, highlighting the seriousness of bank fraud and the breach of trust, stating, “Bank fraud is a serious crime that has real victims. It’s worsened when someone in a position of trust violates that authority, as the defendant is alleged to have done in this case to a staggering degree.”
Additionally, the indictment mentions that Blassie persuaded a couple from Lebanon, Illinois, to invest $429,000 of their retirement savings, pledging his shares in the bank's holding company as security. Blassie allegedly did not repay the couple after selling most of these shares.
Federal Deposit Insurance Corporation's Office of Inspector General also emphasized the importance of the case, with Special Agent in Charge Vincent R. Zehme noting their commitment to investigate fraud by bank insiders, stating, “The FDIC OIG remains committed to working with our law enforcement partners to investigate allegations of fraud by bank insiders."
According to the indictment, Blassie's first court appearance is set for April 23 in East St. Louis. An indictment is only a formal charge, and under U.S. law, Blassie is presumed innocent until proven guilty in court.
Serious efforts from multiple federal and local agencies, including the U.S. Secret Service, Federal Deposit Insurance Corporation Office of Inspector General, and the O’Fallon Police Department, contributed to the investigation. Assistant U.S. Attorney Scott Verseman is leading the prosecution.
