24 Indicted in Mortgage Fraud Investigation

By Lauren Jiggetts
|  Thursday, Jul 30, 2009  |  Updated 1:43 PM CDT
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24 Indicted in Mortgage Fraud Investigation

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Several people have been arrested in the Chicago area in connection with a mortgage fraud scheme.

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24 Indicted in Mortgage Fraud Investigation

Dozens of people, including mortgage company owners, bankers, tax preparers and attorneys were rounded up in the investigation.
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A lawyer, a tax-preparer and the owner of a mortgage brokerage are among more than a dozen people rounded up in what federal officials describe as a major crackdown on mortgage fraud in the Chicago area.

Nine indictments were unsealed Wednesday while federal agents fanned out across the Chicago area to arrest those charged.

They're accused of swindling lenders out of thousands of dollars by obtaining mortgages under false pretenses, often through the use of bogus documents.

U.S. Attorney Patrick Fitzgerald announced that 24 defendants, most of whom are professionals in the mortgage loan industry, were named in 10 indictments.  The undercover sting used people who posed as buyers seeking financial aid.


The nine loans involved in the undercover project totaled $1.4 million. In the 10th case, the defendents allegedly obtained $4.2 million  in loans, causing losses in excess of $1.1 million.

The houses involved were government owned. Essentially the victims in these cases are financial institutions.

Some of the properties involved were:

  • 4434 W 117 St. in Alsip
  • 305 Reedwood in Joliet
  • 1058 Four Seasons Blvd. in Aurora
  • 439 S Elmwood in Aurora
  • 2853 W Everett St. in Blue Island
  • 1225 Hickory Road in Homewood
  • 4153 W 89th St. in Hometown
  • 2713 Norma Court in Glenview
  • 2962 N Oakley in Chicago
  • 728 Ada St. in Chicago
  • 3057 W 55th St. in Chicago
  • 1947 W Chicago Ave. in Chicago

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