Posted on 06/23/2009 2:56:25 PM PDT by Kartographer
A federal grand jury has indicted 10 people in an alleged mortgage-fraud scheme that allowed them to obtain $17.2 million in loans to buy condominiums in a downtown high-rise.
Acting together, the investors provided false information about their employment, income and assets to secure the loans to finance seven condos and two townhomes at Millennium Centre, a 59-story tower at 33 W. Ontario St., according to the U.S. Attorney’s Office. The indictment is one of five mortgage-fraud cases involving more than $48 million in loans that the U.S. attorney’s office announced Tuesday
(Excerpt) Read more at chicagobusiness.com ...
I sense that the federal government is about to get VERY serious about prosecuting financial fraud cases not involving Dimocrats...
Barney Fwank and Chris Dodd will be displeased to hear this.
This counts as news in Chicago?
Not too sure whether these guys are really Republicans, though, based on their names. Could be Albanian or other Eastern European group. The Russian mob, with the help of Poles, Ukrainians, Bulgarians, Lithuanians, Albanians and Serbs, has been involved in this type of thing for quite some time.
Some Polish-Americans I know have witnessed Russians bragging about taking advantage of newcomers to “buy” condos. Later, those so-called owners find out their “down payment” only covered a few months rent and they actually have no mortgage. Especially sad when it happens to elderly folks.
That's a nice Irish name...
Mhde Askar, 23, of Chicago, and Mahmoud Saleh, 35, of Hinsdale, ... To obtain the fraudulent loans, the pair enlisted the help of Ahmad Karkukly, 33,
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