Chicago man accused of $10 million reverse-mortgage scam

by Anna Sobrevinas01 Jun 2017
A Chicago man has been accused of swindling more than $10 million from more than 100 elderly homeowners.

Mark Diamond, 60, allegedly targeted elderly homeowners who were qualified for a reverse mortgage loan, according to the Chicago Sun Times.

Diamond’s fraud allegedly dates back to 2009. Authorities say he tricked his victims into signing up for reverse mortgage loans through liens on properties with made-up repairs.

He also allegedly lied that he was sent by the city for the home repairs and tricked them into signing documents without knowing they were acquiring reverse mortgage loans, according to the Chicago Tribune.

His alleged oldest victim was 98.

Diamond was arrested Monday last week and charged “in connection with wire fraud and engaging in a financial scheme,” according to the Tribune.

“Diamond caused certain elderly homeowners to execute reverse mortgage loan documents, despite the fact that they were disabled or otherwise unable to understand the reverse mortgage loan documents,” Kelly Popovits, a special agent for HUD‘s Office of the Inspector General, told the Tribune.

Meanwhile, Diamond reportedly delayed his own bond hearing last Thursday as he “wouldn’t shut up,” according to CBS Chicago. The judge ruled against a bond, but Diamond is due back in court Friday.

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