Big Chicago real estate scam busted

“Four companies and 37 people finagled millions of dollars from lenders through mortgage schemes that ranged from high-rises and sprawling homes in affluent suburbs to dilapidated shanties in urban areas to lure buyers, federal prosecutors said. Among those indicted are the vice president of a title company, mortgage brokers, loan officers, real estate investors, appraiser, and an attorney. The cases involve more than $48 million in allegedly fraudulent mortgages.
     Richard Lisnek, 56, a mortgage broker and president of K&L Real Estate, and his wife Judy Kien, 50, an attorney and president of D&J Properties, both of Buffalo Grove, along with 13 others and 2 other companies lied to lenders about buyers’ financial status, prosecutors say.”

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