The federal prosecutors have charged the D.C. Councilman Kwame Brown with bank fraud. It is reported he deliberately misrepresented his financial information to extend the line of credit.
He used the additional finances to purchase a 38-foot express cruiser and maintained to live beyond his means.
The falsified information was discovered and Kwame Brown will be prosecuted to the full extent of the law.
Although he initially denied the rumors of his resignation, he has since decided to admit his personal indiscretions and graciously resigned from his position.
Brown made his personal debt public and estimated it to be over $ 700,000. His disturbing financial history has been under scrutiny for many years. The over spending habits of the councilman were known to many people around him.
Brown sent his resignation letter to the D.C. Council secretary Friday afternoon, according to the Post:
I have behaved in ways that I should not have. I was wrong, and I will face the consequences of that conduct. I have apologized to the residents of our great city, and I also offer my unconditional apology to the members of the Council for all of the negative attention that my conduct has brought about.
Although warned by his financial advisers, Kwame Brown chose to pursue the illegitimate venues to acquire more funds to support his lavish lifestyle. He has since admitted and apologized for his unprofessional conduct.