Archives For The Arbors

Brendan Bolger, 41, Chicago, Illinois, was sentenced to two years in federal prison for conspiracy to commit bank, wire, and mail fraud in connection with a Condo Conversion Scheme. The Court also entered a forfeiture money judgment in the amount of $13,641,197.90, which represents the fraud perpetrated on the mortgage lenders. Bolger pleaded guilty on August 20, 2014.

According to court documents, in 2005, entities controlled by co-conspirators entered into a contract to purchase The Arbors, an apartment complex in Hillsborough County, Florida. The new owners of The Arbors then engaged in a plan to convert the complex from rental apartments to condominiums. The developers financed their purchase of The Arbors with a loan from Corus Bank, a financial institution whose deposits were insured by the FDIC. The Corus loan agreement set forth substantial financial penalties for the developers if they failed to satisfy the loan requirements. Continue Reading…