Francis X. Sanchez, 51, Woodstock, Illinois, pleaded guilty in federal court to conducting a $7 million mail fraud scheme for representing to potential investors that his business bought distressed houses, rehabilitated those houses, and sold the houses for a profit.
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Seven defendants, including a man who co-owned a Chicago, Illinois, condominium building, a police officer and two loan officers, were indicted for allegedly participating in a scheme to fraudulently obtain approximately 35 mortgage loans totaling more than $8.8 million from various lenders.
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Harold Rosen, 81, Clayton, Illinois, a real estate developer, was sentenced in US District Court to four years in federal prison on April 20, 2012, for his role in attempting to obtain more than $1.9 million dollars of public financing for a development project under false pretenses.
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Roy Fluker, Jr., 56, Highland Park, Illinois, was sentenced to 15 years in federal prison, after eight-year prison terms were imposed previously for his son and daughter, in connection with a massive “affinity” fraud scheme in which approximately 2,000 victims were swindled of approximately $10.7 million in losses.
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Kenneth Steward, 45, South Holland, Illinois, was sentenced to 17½ years in federal prison for directing a $35 million mortgage fraud scheme involving more than 120 residences on the city’s south side. The scheme caused various lenders and financial institutions to lose approximately $16 million on mortgage loans that were not repaid by the borrowers or fully recovered through subsequent foreclosure sales.
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Two residential real estate appraisers are among 14 defendants who allegedly engaged in three separate mortgage fraud schemes involving four homes. Federal agents posed as straw buyers of houses, seeking assistance in financing and closing fraudulent mortgage transactions.
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Chamethele McKinney, 36, Troy, Illinois, pled guilty to her role in a conspiracy to defraud the government and evade the payment of federal income taxes, along with mortgage fraud and food stamp fraud.
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Avatar Realty Group, also known as Monroe Realty and Financial Enterprises, and Arthur R. Monroe, Oswego, Illinois, were subject to disciplinary action resulting from an investigation into alleged unlicensed and improper mortgage loan modification activities in Illinois.
Possible
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The following individuals were arraigned:
Gayle Tracy, 50, Batavia, Illinois, faces 12 charges: 3 counts each of Conspiracy to Commit a Financial Crime and Financial Institution Fraud; 2 counts each of Organizer of a Continuing Financial Crimes Enterprise and Theft by Deception; and 1 count each of Continuing Financial Crimes Enterprise and Money Laundering.
Brent
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Mirasol Salazar, 35, a seven-year clerical employee for the Town of Cicero, Illinois, was charged with altering her pay stubs and W-2 forms to inflate her income from $30,000 to over $52,000 in order to qualify for a loan on a Berwyn, Illinois home. The house fell into foreclosure when the defendant failed to make mortgage payments. The defendant was indicted on charges of Financial Institution Fraud, Theft, Theft by
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