Chicago Feds Announce Mortgage Fraud Busts In Five Separate Cases; 37 Individuals, Four Businesses Face Felony Charges

From the Office of the U.S. Attorney (Chicago, Illinois):

• Forty-one defendants are facing federal charges relating to various mortgage fraud schemes in five separate cases(1) made public today by federal law enforcement officials. In some of the schemes, the defendants were charged with falsely inflating the values of dilapidated homes in urban areas. Other schemes feature a twist where defendants were charged with deals involving million-dollar condominiums in a Chicago high-rise and sprawling homes in affluent suburbs. A total of 37 individuals and four businesses, including a title company that closed on allegedly fraudulent loans, are facing new federal charges relating to mortgage fraud in five separate cases in Chicago, federal law enforcement officials announced today. The defendants include a vice president of the title company, mortgage brokers, loan officers, real estate investors, appraisers and an attorney. Together the cases involve more than $48 million in fraudulently-obtained mortgages issued by various lenders and secured by scores of residential properties in the Chicago area, including two in the suburbs of Wheaton and Glenview. As a result, the various lending companies suffered millions of dollars in losses after the loans went into default and the properties were foreclosed upon.

For the entire U.S. Attorney press release, see: Forty-One Defendants Charged in Five New Area Mortgage Fraud Cases; Two Schemes Involve Expensive Condos and Suburban Homes.

(1) For the charges in the five cases, see:

• U.S. v Beck, et al. Indictment,
• U.S. v Lisnek, et al. Indictment,
• U.S. v. Askar, et al. Indictment,
• U.S. v. Okulaja, et al. Indictment,
• U.S. v. Luckett Information.