Six people were charged in a $16 million mortgage fraud scheme involving the marketing and sale of condos at “The Woods of Countryside” in northwest suburban Palatine.
Vince Manglardi, 59, of Long Grove; and Theodore “TJ” Wojtas, 43, of Glenview, are accused of running a mortgage fraud that caused more than $16 million in losses to banks, lenders, Fannie Mae and Freddie Mac, according to the statement from the U.S. Attorney’s office.
Manglardi and Wojtas, both real estate developers at the 50-acre development in Palatine called “The Woods of Palatine,” are accused of using advertisements and sales pitches to falsely promote the purchase of condos as a “means of financial independence and wealth,” according to prosecutors.
They enticed prospective condo buyers with substantial, unsustainable financial incentives, including down payment refunds and up to three years’ worth of mortgage payments, maintenance costs and property tax payments, prosecutors said.
Four other defendants, David W. Belconis, 56, of Long Grove; Nunzio L. Grieco, 63, of Palatine; Walter Vali, 62, of Mundelein; and Karin L. Lanser, 62, of Palatine, are charged with in the indictment colluding with Manglardi and Wojtas, according to the statement.
The 25-count indictment also seeks the forfeiture of the $16 million, according to the statement.
