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Six Charged in $22.8 Million Illinois Mortgage Fraud Scheme

A real estate developer and five others are facing federal charges in connection with an alleged $22.8 million mortgage loan fraud scheme tied to a South Loop condo building. The defendants are accused of helping buyers fraudulently obtain roughly 60 mortgages to purchase condos at Vision on State, a 250-unit building at 1255 S. State […]

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Two in Illinois Charged with Mortgage Fraud

A west suburban man and a Chicago woman have been charged with participating in a mortgage fraud scheme involving South Side two-flats following a federal undercover investigation. George Dravilas, 36, of Medinah; and Bridge Hutcherson, 40, of Chicago, were each charged with bank fraud in a criminal complaint filed Tuesday, according to a statement from […]

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Six-Year Sentence in $350,000 Illinois Mortgage Rescue Fraud

A Chicago man has received a six-year prison sentence after pleading guilty to criminal mortgage rescue fraud. Warren Jackson, 44, received the sentence in Cook County Circuit Court Thursday in connection with activities that caused losses of more than $350,000 to homeowners. In one scheme, he promised to negotiate lower mortgage payments for homeowners at […]

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US Supreme Court Rules on Mortgage Fraud Restitution Calculations

WASHINGTON (AP) — The U.S. Supreme Court has clarified how restitution must be computed in mortgage fraud cases. The justices in a unanimous decision Monday said that restitution to a bank that has been defrauded must be calculated based on the value of property when it is actually sold, and not the earlier date on […]

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Illinois Real Estate Developer Arrested for Misappropriating Funds Intended for Redevelopment

John Thomas, 51, Chicago, Illinois, a real estate developer, was arrested on federal charges alleging that he defrauded the south suburban Village of Riverdale of funds provided for the redevelopment of the now closed Riverdale Marina. The defendant allegedly fraudulently obtained approximately $370,000 for himself from $900,000 in financing. The financing was provided by Tax […]

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Illinois Developer Sentenced For Siphoning Millions

Robert D. Falor, 48, Chicago, Illinois, the former manager of a defunct Chicago-based real estate company that acquired and managed hotels, was sentenced to more than six years in federal prison for evading more than $1.7 million in federal income taxes and siphoning millions of dollars from the Blake’s operations at the expense of a lender, […]

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