Forged Asset Nets Illnois Man 4 Years

Allison Tussey —  June 2, 2009 — 2 Comments

Vincent Arena, 52, Naperville, Illinois, was sentenced to four years for fraud and forgery according to media reports

Arena pled guilty to loan fraud, financial institution fraud, forgery and other financial crimes. Arena‘s guilty plea stemed from allegations that in late 2007, Arena, a National Bank Examiner for the United States Department of Treasury, created a fictitious check from a financial institution in Rosemont, Illinois. Arena then forged the signature of the financial institution’s president and issued the check to All Saints Catholic Academy to assist in the renovation of a campus building. An investigation into Arena revealed that approximately one year earlier Arena allegedly transmitted by wire a forged court order with a DuPage County case number representing that he was awarded a judgment for $805,000; this forged document was then presented to a finance corporation in conjunction with a residential home loan, which was then approved in an amount in excess of $500,000. In all, Arena plead guilty to one count of Loan Fraud, one count of Financial Institution Fraud, one count of Wire Fraud and two Counts of Forgery.

DuPage County State’s Attorney Joe Birkett made the announcement.

White collar crime continues to be a top priority of my office,” commented Birkett. “Every year millions of dollars are stolen from businesses from trusted employees. As I have said many times before, white collar crime is not a victimless crime. Through his actions, Mr. Arena caused financial hardship to several financial institutions as well as officials at All Saints Catholic Academy who were, in reality, relying on non-existent funds to finance repairs to their facility. Ms. Derrickson is alleged to have stolen the identity of a Liquid Container co-worker along with considerable amount of money causing hardship for the co-worker, the company and its employees. In each of theses cases, the accused believed they could line their own pockets at the expense of others. I would like to thank Assistant State’s Attorney Helen Kapas-Erdman for her work on these very complicated cases.”

Be Sociable, Share!

Allison Tussey

Posts Google+

2 responses to Forged Asset Nets Illnois Man 4 Years

  1. Get a clue Renee. Chicago is the most corrupt city in America when it comes to money and fraud. Julio Vargas is just a spick on the map of Illinois. He knows it and that is why he can continue to rip off the poor. Julio is laughing all the way to the bank. I bet he never gets prosecuted or accused of any financial crimes because there are higher powers in Chicago who protect the interest of big business. Lisa Madigan, the state attorney general, does very little to change or rectify white collar financial crime. Each state has its own real estate laws and some states have almost no real estate fraud because they set in place the checks and balances to police and control fraud. In Illinois, the judges, the politicians, the media, the police, the real estate industry, the banks, etc… are all corrupt and tied together in a symbiotic relationship of deceit and fraud. Julio Vargas surely knows about it and the more crime he commits and money he makes, the more protected he becomes in Chicago. It has always been that way and will never change for Chicago. Regardless of who he has hurt(even children), he will continue to do this for many years to come along with many others because a buck is a buck even if it is coated with blood in Chicago. He has a better chance of becoming mayor than being arrested or accused of fraud.

  2. When will you FBI idiots indite Julio Vargas and his gang of delta mortgage fraud perpetrators? He continues to defraud anyone and everyone who comes his way from the comments I’ve read on here. Are you protecting him? Is he above the law because mortgage fraud is legal in Illinois? Him and his associates not only will bait and switch contracts but steal the identity of their clients and get credit cards in their name. He is a HUD section eight slumlord with fraud laden crap he has done to the poor people unfortunate to live in his subpar dwellings. Now he has a morgage rescue firm in Schiller Park!!! I can think of no person who he would “rescue” at all. He obviously is above the law because he has been ripping people off at a steady rate for more than 5 years. Look his name up on this site and read the other people comments on this guy. There is no justice in Illinois when a guy like this can get away with all his blatant fraud contracts. The FBI flat out just does not care about protecting the public from him and his people by all empircal evidence so far.

Leave a Reply

Text formatting is available via select HTML.

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>