Archives For Illinois

Pair charged in ‘squatter scheme’ back in jail after judge sets higher bonds

Two men suspected of running a scam in which they took over and rented out abandoned properties are behind bars Wednesday after prosecutors lobbied a judge to raise their bonds, the Sun-Times is reporting.

Chicagoans Torrez Moore and David Farr were released on their own recognizance, with home monitoring, July 1 after allegedly living in and renting out over two dozen foreclosed homes in a scheme Cook County State’s Attorney Anita Alvarez described as “disturbing” and “bold and brazen.”

Former Eagle Fryar’s fraud trial begins

Former Eagles wide receiver Irving Fryar and his mother went on trial Tuesday on charges they conspired to defraud six banks in South Jersey and Philadelphia as part of a $1 million mortgage scheme.

If they are convicted of the conspiracy and theft-by-deception charges lodged against them, they could face five to 10 years in prison and up to $150,000 in fines, according to the state attorney general, whose office is handling the contentious case in Mount Holly.

George Dravilas, real estate broker, 37, Medinah, Illinois, was sentenced to 16 months in federal prison for his role in a mortgage fraud scheme involving a pair of Chicago apartment buildings.  Dravilas pled guilty in February to one count of bank fraud.  In addition to the prison term, U.S. District Judge Gary Feinerman ordered Dravilas to pay $463,110 in restitution.  Dravilas will begin serving his sentence no later than Sept. 21, 2015. Continue Reading…

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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