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Ill. man indicted for allegedly orchestrating a $3.2M straw buyer scam
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The Blotter
Thursday, January 23, 2014
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A Lake County, Ill., man who operated two real estate–related firms was indicted on federal mortgage fraud charges. The defendant allegedly engaged in a scheme to fraudulently obtain 13 residential mortgages, totaling approximately $3.2 million, from lenders to purchase properties in Chicago’s Englewood neighborhood. The indictment alleges that he paid buyers to purchase the properties and promised them no out-of-pocket costs, then made false statements to lenders on their behalf. Read on for more details.
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