A condominium developer and two attorneys are among six defendants facing federal charges for allegedly engaging in a $22.8 million mortgage loan fraud scheme, the U.S. Attorney’s Office for the Northern District of Illinois announced. The defendants allegedly caused buyers to fraudulently obtain approximately 60 mortgages from various lenders to purchase condominiums.
Real estate developer Warren Barr, III, was a member of 13th & State LLC, which obtained a $55.7 million loan in 2005 to finance the development and construction of Vision on State, a 250-unit building, between 2004 and 2008. Barr was charged with nine counts of bank fraud and four counts of making false statements on loan applications in a 13-count indictment that was returned by a federal grand jury.
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