He allegedly tricked them into signing reverse mortgage loans
Authorities have charged a former mortgage loan originator with allegedly swindling more than $10 million from more than 100 elderly homeowners. He supposedly made up fake home repairs tricked them into signing reverse mortgage loans.
Mark Diamond, a 60-year-old Chicago businessman, pleaded not guilty at his arraignment last week, according to the U.S. Attorney’s Office of the Northern District of Illinois. He pleaded not guilty to seven counts of wire fraud and a status hearing was set for August 28 by U.S. District Judge Robert M. Dow Jr.
The indictment also said that if a relative of a victim questioned Diamond on the loan, he would visit the victim’s home when he knew the relative was not present.
Cynthia Wallace, 47, was also charged in the indictment as part of the fake home repairs scenario by using aliases such as “Shree Box,” “Regina Johnson” and by posing a representative of the Department of Housing and Urban Development. Wallace also pleaded not guilty to nine counts of wire fraud and two counts of falsely pretending to be an employee of the United States.
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Chicago man accused of $10 million reverse-mortgage scam
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Mark Diamond, a 60-year-old Chicago businessman, pleaded not guilty at his arraignment last week, according to the U.S. Attorney’s Office of the Northern District of Illinois. He pleaded not guilty to seven counts of wire fraud and a status hearing was set for August 28 by U.S. District Judge Robert M. Dow Jr.
The indictment also said that if a relative of a victim questioned Diamond on the loan, he would visit the victim’s home when he knew the relative was not present.
Cynthia Wallace, 47, was also charged in the indictment as part of the fake home repairs scenario by using aliases such as “Shree Box,” “Regina Johnson” and by posing a representative of the Department of Housing and Urban Development. Wallace also pleaded not guilty to nine counts of wire fraud and two counts of falsely pretending to be an employee of the United States.
Related stories:
Chicago man accused of $10 million reverse-mortgage scam
NRMLA, senior advocates fight elder financial abuse
