|1255 S. State (via Crain's)|
Condominium developer Warren Barr and five associates face federal criminal allegations that they orchestrated a $23 million loan fraud scheme at a South Loop condominium project.
Warren N. Barr III, 62, of Riverside and the five other men were charged with defrauding lenders by providing misleading information on about 60 mortgages for purchases of condos in the Vision on State tower at 1255 S. State St., according to a 13-count indictment filed yesterday in U.S. District Court in Chicago.
They are charged with taking part in a scheme to sell units at artificially high prices, boosting sales in the 253-unit building and misleading lenders by secretly funneling down payments and assessment fees to so-called straw buyers.
(Hat tip: AR & VC!)