Skip to main content
  1. Life
  2. Neighborhoods
  3. Real Estate & Construction

Mortgage fraud alleged by Lake County resident in Englewood neighborhood

See also

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.

Advertisement

Life

  • Derek Hough
    Derek Hough brings quadruple threat talent to 'DWTS' and beyond
    Today's Buzz
  • Hookah smoking
    Young adults believe hookah smoking pose no health threat
    Camera
    7 Photos
  • Top outdoor activities
    Don't spend your summer indoors: Top outdoor activities to do with your significant other
    Camera
    10 Photos
  • Baby shower idea for men
    A new twist on baby showers is throwing a Daddy Baby-Q
    Camera
    7 Photos
  • Wedding special
    'Curvy Brides' offers a new look into every bride's pursuit for her picture perfect wedding gown
    Camera
    7 Photos
  • Morbid obesity
    Health: Morbid obesity decreases life span by up to 16 years
    Camera
    7 Photos