Archives For Illinois

Vince Manglardi, 59, real estate developer, Long Grove, Illinois; Theodore “TJ” Wojtas, Jr., 43, real estate developer, Glenview, Illinois; David W. Belconis, 56, attorney who owned and operated Classic Title, Inc., Long Grove, Illinois; Nunzio L. Greico, 63, Palatine, Illinois, who was formerly an employee of the developers; Walter Vali, also known as “Wally Mohammad” and “Mohammad Valimohammad,” 62, former mortgage loan originator, who did business as Sunshine Funding, Inc., Mundelein, Illinois; and Karin L. Ganswer, 62, former licensed real estate salesperson, Palatine, Illinois were indicted by an federal grand jury and charged with mail and wire fraud in connection with the marketing and sale of condominiums at a 50-acre development in Palatine, Illinois known as “The Woods at Countryside.”  They are alleged to have participated in a mortgage fraud scheme which caused more than $16 million in losses to banks, mortgage lenders, Fannie Mae, and Freddie Mac. Continue Reading…

According to the Huffington Post, Chicago Cook County Judge David Atkins granted Attorney General Lisa Madigan’s request for an injunction against Mark Diamond in connection with the lawsuit she filed against him in 2009.

In the 2009 suit Diamond was accused of bilking elderly black homeowners out of more than $1.3 million through a reverse mortgage/home repair scam.

According to Madigan:

“For too many years, Mark Diamond defrauded the most vulnerable people in our society,” Madigan said in a statement. “He stole the financial security that these families struggled to build over a lifetime. It is deplorable that he got away with his scheme for so many years. The preliminary injunction provides a small victory for those who have already lost so much but will at least prevent additional people from losing their homes and savings to one of Diamond’s reverse mortgage scams.”

Maximus A. Yaney, 38, New York, New York, pled guilty to mortgage fraud and was sentenced by United States District Judge J. Phil Gilbert to 18 months in federal prison, followed by two years of supervised release. Yaney made several misrepresentations and engaged in numerous fraudulent acts in order to persuade lenders to finance the purported $9,780,000 sale of one of the rental properties.

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Gregg E. Steinnagel, 54, Chicago, Illinois, was sentenced to 48 months in prison by U.S. District Court Judge John Z. Lee for scamming people whom he had persuaded to invest in a bogus lending program involving short-term, high-interest loans to distressed homeowners.

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Jonathan L. Herbert, 36, Lighthouse Point, Florida, was sentenced to 140 months in federal prison for wire fraud concerning his bogus loan modification programs that duped struggling homeowners into sending their mortgage payments to him.

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Richard Demaria, 45, Glenview, Illinois, a former managing director of Panorama Global Partners, LLC, a company that falsely purported to trade in certain financial instruments, was sentenced to 40 months in federal prison for fraudulently obtaining approximately $4.2 million in investor funds and for misappropriating approximately $3.9 million of those funds.

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James Currey, 55, Orlando, Florida, pled guilty to one count of conspiracy to commit mail and wire fraud in connection with a telemarketing scam wherein the defendant targeted timeshare owners and falsely promised a buyer for their properties in exchange for a fee.

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Kathleen Niew, 59, Burr Ridge, Illinois, a real estate attorney and radio talk show host was sentenced to 70 months imprisonment for stealing approximately $2.34 million from her clients that was intended for commercial real estate closings.

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Steven J. Moorhouse, 62, Sandwich, Illinois, pleaded guilty before U.S. District Judge Frederick J. Kapala to a charge of making a false statement to a financial institution.  Moorhouse admitted providing a lender with false documents concerning his business assets.

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Jonathan L. Herbert, 36, Lighthouse Point, Florida, has been charged with wire fraud for conducting a home loan modification scam that targeted individuals who were having difficulties making their mortgage payments.

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