Ignacy Kondrad, 48, Chicago, Illinois, plead guilty to one count of money laundering in a Rockford federal court in connection with a scheme to defraud mortgage lenders and title companies out of approximately $9.6 million. Kondrad admitted to opening bank accounts, sometimes under false names, and using the accounts for depositing the proceeds of fraudulent mortgage transactions. At times the funds in the account were used as down payments for other fraudulent mortgage transactions.
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Kondrad Pleads Guilty In Illinois Mortgage Fraud
Tuesday, June 08 2004 07:18
Click here to view the plea agreement.
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Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.
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