Six individuals, including a condominium developer and two attorneys, are facing federal charges for allegedly engaging in a $22.8 million mortgage loan fraud scheme. The defendants allegedly caused buyers to fraudulently obtain approximately 60 mortgages from various lenders to purchase condominiums.
Archives For November 30, 1999
Maximus A. Yaney, 37, and Jamie L. Bray, 36, both New York residents, were each indicted in Benton, Illinois, on one count of bank fraud and one count of wire fraud for their alleged roles in a mortgage fraud scheme wherein they used fake documents to persuade lenders to finance the sale of an apartment complex.
Matthew Stoen, 35, Wayzata, Minnesota, and formerly of St. Charles and Chicago, Illinois, was indicted on federal charges alleging that he fraudulently obtained more than $10 million from more than 50 investors and lenders.
John Thomas, 51, Chicago, Illinois, a real estate developer, was arrested on federal charges alleging that he defrauded the south suburban Village of Riverdale of funds provided for the redevelopment of the now closed Riverdale Marina. The defendant allegedly fraudulently obtained approximately $370,000 for himself from $900,000 in financing.
Mark P. Troehler, 39, Herrin, Illinois, was sentenced in United States District Court in Benton, Illinois, on one count of Bank Fraud.
Jamal E. Lawson, Sr., 44, Duluth, Georgia, who victimized others in a so-called advance-fee loan fraud scheme, was sentenced to more than four years in federal prison after being convicted at trial.
Robert D. Falor, 48, Chicago, Illinois, the former manager of a defunct Chicago-based real estate company that acquired and managed hotels, was sentenced to more than six years in federal prison for evading more than $1.7 million in federal income taxes and siphoning millions of dollars from the Blake’s operations at the expense of a lender, city and state taxing authorities, union employees, and other creditors and vendors to support a lavish lifestyle that included multi-million dollar homes, luxury cars, boats, and planes.
Melvin T. Bell, 37, aka “Alex Crown,” “Minister Bey,” “Sovereign King Bey,” “King Bey,” and “S.K. Bey,” Monica Hernandez, 43, a former licensed real estate broker, and Carlos Rayas, 39, Aurora, Illinois, who operated Washington National Trust, an licensed trust and/or mortgage company, are facing federal fraud charges for allegedly swindling approximately $220,000 from at least 54 homeowners after falsely promising to save their homes from foreclosure and lower their monthly mortgage payments. Both Bell and Hernandez were last known to reside in Oswego, Illinois.
Laurance H. Freed, 51, Chicago, Illinois, and Caroline Walters, 53, of Palatine, Illinois, two executives of a prominent Chicago real estate development company, were indicted on federal fraud charges alleging that they lied about and concealed unpaid property taxes, the double-pledging of public financing notes issued by the City of Chicago, and the company’s default on those notes so they could secure credit extensions and payments from the city at a time when they knew their firm was having serious financial difficulties.
Erroll Davis, 52, Chicago, Illinois, a former police lieutenant who allegedly played a role in a mortgage fraud scheme has pleaded guilty to to one count of making false statements in a tax return.