Man accused of stealing $10 million in mortgage scheme
CHICAGO (AP) _ A Chicago man has been charged in connection with the theft of $10 million of equity in the homes of elderly people on the city’s West Side.
The FBI says 60-year-old Mark Steven Diamond appeared Tuesday in U.S. District Court on charges of wire fraud and engaging in a financial scheme.
Kelly Popovits of the U.S. Department of Housing and Urban Development says Diamond caused homeowners to execute reverse mortgage loan documents despite the victims being disabled and “unable to understand” the documents.
Officials say Diamond likely worked with at least five co-conspirators. He says they defrauded victims by fraudulently obtaining home loans in their names and keeping the profits.
A judge on Tuesday ordered Diamond held until his next hearing. It wasn’t immediately known if Diamond has legal representation.