Illinois AG Indicts Man In Alleged Foreclosure Investment Ponzi Scheme

From the Illinois Attorney General's office:

• Attorney General Lisa Madigan announced her office has charged Kenneth Bivens, 43, of Homewood, Ill., with securities fraud, theft and violating an order of prohibition for continuing to operate an illegal real estate scheme and drawing in new victims even while being prosecuted for the scheme.

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• In November 2007, Cook County Circuit Court Judge John Fleming found Bivens guilty of four counts of violating an Illinois Secretary of State (SoS) order prohibiting him from selling securities and four counts of securities fraud for failing to inform his victims of the SoS order. [Last week], the court sentenced Bivens to serve 5 years in the Illinois Department of Corrections and pay restitution to his victims.

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• The new indictment alleges that while the initial case proceeded in court, Bivens continued the scheme by soliciting seven additional investors, in clear violation of his bond order.

For more, see Homewood Man Indicted For Real Estate Investment Scheme.