Riverwoods man accused of bank fraud, identity theft

A north suburban businessman was indicted on federal charges Wednesday after he allegedly stole millions in mortgage and vehicle loans and used stolen identities to obtain credit.

Yale Schiff, 44, of Riverwoods, faces 11 counts of bank fraud and two counts of aggravated identity theft, according to the U.S. Attorney’s Office for the Northern District of Illinois.

Schiff allegedly obtained mortgage loans by falsifying letters from financial institutions to the Cook County Recorder of Deeds, prosecutors said.

He claimed property loans were paid off and the mortgages were released when they weren’t, the attorney’s office said. Schiff allegedly kept the financing paid by banks along with proceeds from selling the property.

He also allegedly used fake and stolen identities to get vehicle loans, including a Jeep Grand Cherokee and Lexus RX350, prosecutors said.

Schiff allegedly submitted letters falsely claiming the vehicle loans were paid in full when they weren’t, prosecutors said. He sold the vehicles and kept the profit without paying off the loans.

In addition, he allegedly used stolen identities to use credit cards for personal use, including a Nordstrom department store card, prosecutors said.

Each bank fraud count carries a maximum sentence of 30 years and each count of identity theft is punishable by a minimum of two years, the U.S attorney’s office said.

The indictment seeks a forfeiture of about $4.7 million and a property in Riverwoods.

Schiff’s arraignment has not been scheduled.