CHICAGO – Mark Diamond, a local businessman facing federal charges for allegedly orchestrating a fraudulent reverse mortgage scheme targeting elderly homeowners, has been ordered back to jail after authorities uncovered evidence of him continuing his illicit activities.
In 2017, federal authorities brought charges against Mark Diamond and his associates for their involvement in a reverse mortgage scam that allegedly siphoned over $10 million from numerous elderly homeowners, primarily in Chicago’s West Side.
Diamond initially pleaded not guilty to seven counts of wire fraud and was subsequently released under home incarceration conditions. These conditions allowed him to work at a residential remodeling company as long as he avoided customer interactions.
However, the government now contends that Diamond resumed his illicit activities by operating his own firm. They claim he managed to secure $826,000 from unsuspecting customers over the past 18 months, including a troubling $203,000 in cash from an elderly homeowner.
In Diamond’s elaborate scheme, it is alleged that he deceived more than 120 individuals into signing away the equity in their homes, falsely portraying it as a city-sponsored home repair program.
A pending civil complaint, filed in Cook County, aims to invalidate all the victims’ mortgages, citing fraudulent acquisition.
Reportedly, the government is in negotiations for possible plea agreements with two of Diamond’s co-defendants, although a trial date for Diamond himself has not yet been scheduled.
For the original story and details on the initial charges from 2017, please visit: Original 2017 Story
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