John "Jack" Gorecki, St. Charles, Missouri, pled guilty to bank fraud charges involving false loan applications submitted to financial institutions in the St. Louis, Missouri area.

According to the facts filed with the court, Gorecki owns several residential rental properties and Captain Jack’s Marina in St. Charles County. To fund his business endeavors, Gorecki often obtained loans from 1st Advantage Bank, Truman Bank and Southwest Bank (formerly Missouri State Bank). In February 2006, Gorecki was experiencing financial difficulties. Between February and November 2006, Gorecki submitted false information on loan applications at all three banks. This false information included false lease agreements, false tax records and false information about his financial situation. As a result, 1st Advantage Bank, Truman Bank and Southwest Bank made substantial loans to Gorecki. Gorecki defaulted on several loans, resulting in hundreds of thousands of dollars in losses to those three banks.

Gorecki pled guilty to one felony count of bank fraud and faces a maximum penalty of 30 years in prison and/or fines up to $1 million. Restitution is mandatory. Sentencing has been set for June 15, 2008.