Local Developers Indicted In $15.7 Million Mortgage Fraud Scheme
Five individuals involved with a failed Northbrook real estate development were indicted in U.S. District Court Thursday.
Five defendants were indicted by the U.S. Justice Department Thursday after they allegedly engaged in a $15.7 million fraudulent loan scheme to finance the failed Center of the North Shore development in Northbrook. According to the U.S. Justice Department, three partners of the Center of the North Shore, a title company executive and a loan officer took out fraudulent loans to make interest payments on a $26.2 million loan to finance the development. The 517,000 square-foot mixed-use development, which was planned for 14 acres at Dundee Road and Skokie Boulevard, fell into foreclosure in October 2008. Federal agents arrested Center of the North Shore partners Edward Renko, 49, of Glenview; Alexander Field, 42, of Northbrook; and Gary …
Jennifer Fisher
9:21 pm on Sunday, June 5, 2011
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