Industry News

Four indicted in alleged Chicago mortgage fraud scheme

Accused of $774,000 real estate loan fraud

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Four Illinois individuals have been indicted by an Illinois grand jury in connection with an alleged $774,000 Chicago mortgage fraud scheme said to have operated in 1999 and 2000.   Mark J. Helfand, an attorney; Maria Jackson, a former loan officer; Dawn Jackson, a real estate appraiser; and Jacqueline Jackson, a former loan officer, are accused of bank fraud and aiding and abetting in the indictment filed Dec. 13.   The indictment alleges that the defendants would acquire residential properties in Chicago in need of renovation and rehabilitation listed for sale at prices below $50,000 with the intent of "flipping," or quickly reselling, the properties.   Helfand and another attorney allegedly supplied the funds to purchase the properties, according to the indictment.The Jacksons would seek individuals to whom they could immediately resell the properties, the indictment charged.   Maria Jackson, her husband James J. Jackson, Jr. (not named as a defendant in the indi...