CHICAGO — A north suburban man was indicted on fraud charges in connection with a scheme to obtain mortgages on 13 Englewood and West Englewood residences, federal investigators said.
Conrad Ulz, 73, of Libertyville, provided buyers the down payment to buy the properties, promised no out-of-pocket costs, then lied to lenders on their behalf, according to a statement from Randall Samborn, a spokesman for Chicago's U.S. Attorney's Office.
The mortgages were worth about $3.2 million, while lenders lost more than $3.1 million because the loans remained unpaid through subsequent sales or foreclosures.
The incidents occurred between August 2007 and May 2009, according to the indictment.
The indictment also alleges that Ulz hid the proceeds he received from the mortgage loans obtained from payouts made at loan closing to those "entities and individuals controlled" by him, among others.
Ulz was charged with five counts of wire fraud and three counts of making false statements to financial institutions in an indictment issued by a federal grand jury Tuesday. Each charge carries a maximum penalty of 30 years in prison and a $1 million fine, in addition to mandatory restitution.
If convicted, an alternative fine could result in Ulz paying twice the loss of the lenders involved, or twice the gain he made, whichever is greater.
Ulz operated two real estate companies: Citywide Financial Group and Metro Realty Services.
Here's a map of the properties involved in the scheme at the following addresses, according to U.S. Attorney's Office:
