Six charged in ‘Woods of Countryside’ mortgage fraud scheme

SHARE Six charged in ‘Woods of Countryside’ mortgage fraud scheme

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.

The Latest
Heyward delivered the lineup card and was treated to a one-minute video in the middle of the fourth inning
Team wins sixth straight game, but Ross warns late-season success not a guarantee of 2023 success
Edward Neequaye and the Lane defense nearly posted a shutout, only allowing Clark a special teams touchdown on the way to a 24-8 win that clinched the Champions’ first Illinois High School Association state playoff appearance since 2013.
Long term deals for Moncada ($70 million), Robert ($50 million) Jimenez ($43 million) and Anderson ($25 million) seemed like good business sense when they were made
The 30-year-old was shot in the head about 1:20 p.m. Saturday in the 300 block of West 110th Street.