Former U.S. House Speaker Dennis Hastert Pleads Guilty To Bank Fraud

By Kate Shepherd in News on Oct 28, 2015 3:24PM

Former Speaker of the House Dennis Hastert pleaded guilt Wednesday morning to federal bank fraud charges stemming from $1.7 million he allegedly paid to cover up past sexual misconduct.

No details about wrongdoing, including the identity of the person Hastert was paying, were revealed in today's court hearing, according to the Tribune.

Hastert is facing up to six months in prison or probation when he's sentenced on Feb. 29 in Chicago federal court. No witnesses are expected to be called for the sentencing.

It's a stunning fall from grace for the former speaker who was expected to plead guilty to avoid the embarrassment of a public trial. He was indicted in May for withdrawing a total of $1.7 million in cash from various bank accounts from 2010 to 2014. In order to "compensate for and conceal prior misconduct," federal authorities claim he had agreed to pay $3.5 million in hush money to an unknown individual he has known for most of his life.

When questioned by the FBI in December about withdrawing $952,000 in cash over the previous two-and-a-half years, authorities say he lied and claimed he didn't trust the banking system.

"I didn't want them to know how I intended to spend the money," Hastert said when U.S. District Judge Thomas Durkin asked him what he did wrong. "... I withdrew the money in less than $10,000 increments."

It has been alleged that he was making the payments to cover up his sexual abuse of a student during his time as a wrestling coach and teacher at Yorkville High School.

As Hastert left the Dirksen Federal Courthouse in Chicago and entered a black SUV, a reporter asked him if he had anything to say to the public. He did not respond.