Charges were announced, yesterday, against Lake County resident, Conrad Ulz, 73, from Libertyville, Illinois, whom allegedly conjured up a scheme to fraudulently obtain 13 residential mortgage loans from lenders to purchase properties in Chicago's Englewood neighborhood.
Mr. Ulz, who operated Citywide Financial Group and Metro Realty Services, according to the indictment, allegedly paid buyers to purchase properties between August 2007 and May 2009 and promised them no out-of-pocket costs and made false statements to lenders on their behalf; which in turn cause lenders to incur losses totaling more than $3.1 million. Mr. Ulz allegedly recruited buyers with good credit to obtain 13 mortgage loans for properties on South Sangamon, South Carpenter, South Morgan, South May, and South Ada streets, among others, in Englewood on the city’s south side.
Charges against Mr. Ulz was returned yesterday by a federal grand jury with five counts of wire fraud and three counts of making false statements to financial institutions. He could face a maximum penalty on each count of 30 years in prison and a $1 million fine, restitution is mandatory. The announcement was made by Zachary T. Fardon, United States Attorney for the Northern District of Illinois, and Robert J. Holley, Special Agent in Charge of the Chicago Office of the Federal Bureau of Investigation. Ulz will be arraigned on a date to be determined in U.S. District Court.