EAST ST. LOUIS/O’FALLON, IL. — Andrew P. Blassie, the former executive vice president of the Bank of O’Fallon, pleaded guilty Monday in federal court to charges of bank fraud and interstate transportation of funds obtained by fraud after admitting to a scheme that swindled nearly $2 million from the bank.
The 69-year-old St. Louis resident acknowledged using a check kiting scheme between September 2023 and September 2024 to falsely inflate his personal checking account balance at the Bank of O’Fallon by depositing checks he knew were backed by non-sufficient funds from accounts at other financial institutions. The indictment states Blassie defrauded the bank of $1,972,887.67 and used the inflated funds to pay for nearly $2.7 million in personal expenses.
Blassie also persuaded a couple from Lebanon, Illinois, to invest $489,000 of their retirement savings between August 2022 and September 2024 by issuing promissory notes promising interest payments. He used proceeds from the check kiting scheme to pay some of the interest and pledged shares of the holding company owning the Bank of O’Fallon as security. However, he later sold most of those shares without repaying the couple, leaving them without recourse when he defaulted on the notes.
U.S. Attorney Steven D. Weinhoeft highlighted the swift justice following Blassie’s April 8 indictment, emphasizing the critical role of investigators and the bank’s cooperation. “He must face a serious consequence for betraying his clients, employer, family, and community,” Weinhoeft said.
Michael Kurzeja, Resident Agent in Charge of the U.S. Secret Service Springfield Office, condemned Blassie’s actions as “beyond shameful” and underscored the message the guilty plea sends to others who might consider similar fraud. Vincent R. Zehme, Special Agent in Charge of the Federal Deposit Insurance Corporation Office of Inspector General in Chicago, noted the FDIC’s commitment to holding bank insiders accountable to preserve the banking system’s integrity.
Additional law enforcement officials involved in the investigation praised the collaborative effort. Jon Ellwanger, Special Agent in Charge of the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau’s Office of Inspector General Western Region, said Blassie “has now been brought to justice for his actions.” Korey Brinkman, Special Agent in Charge of the Federal Housing Finance Agency Office of Inspector General Central Region, also expressed pride in the partnership among multiple agencies.
The Bank of O’Fallon fully cooperated with law enforcement throughout the investigation. Blassie’s sentencing is scheduled for 10:30 a.m. Sept. 18, 2025, at the federal courthouse in East St. Louis. Assistant U.S. Attorneys Scott Verseman and Zoe Gross are prosecuting the case.
The investigation involved the O’Fallon Police Department, U.S. Secret Service, Federal Deposit Insurance Corporation Office of Inspector General, Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau, and the Federal Housing Finance Agency Office of Inspector General.
