.

Lake Co. Man Indicted on Federal Mortgage Fraud Charges

The man was charged with five counts of wire fraud and three counts of making false statements to financial institutions.

A Libertyville man was indicted Jan. 22 on federal mortgage fraud charges.
A Libertyville man was indicted Jan. 22 on federal mortgage fraud charges.
A Libertyville man was indicted Wednesday on federal mortgage fraud charges.

Conrad Ulz, 73, was charged with five counts of wire fraud and three counts of making false statements to financial institutions, Randall Samborn, a spokesman for the U.S. Department of Justice, said in a press release.

According to Samborn, Ulz "allegedly engaged in a scheme to fraudulently obtain 13 residential mortgage loans, totaling approximately $3.2 million, from lenders to purchase properties in Chicago’s Englewood neighborhood. The indictment alleges that Ulz paid buyers to purchase the properties and promised them no out-of-pockets costs, and then made false statements to lenders on their behalf.

"As a result, the lenders incurred losses totaling more than $3.1 million because the amount of the mortgage loans was not fully recovered through subsequent sale or foreclosure," Samborn added. 

The indictment states that the alleged incidents occurred between August 2007 and May 2009, Samborn said. 

"Ulz allegedly recruited buyers with good credit, promising to pay them for purchasing the properties, and promising that they would not have to pay any of their own money toward the purchases, including down payments and mortgage payments," said Samborn.

Each count of wire fraud carries a maximum penalty of 30 years in prison and a $1 million fine, with restitution mandatory, Samborn said.

"The public is reminded that an indictment contains only charges and is not evidence of guilt," said Samborn. "The defendant is presumed innocent and is entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt."

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »