The Right Place

Mohammad "Mike" Taghie Kakvand, whose mortgage schemes ruined 33 buildings in Chicago, was sentenced to nine years in prison yesterday. You can read business reporter Mary Wisniewski's story here.

In honor of his sentencing, we are reprising a Right Place column we wrote last year on condo fraud.

Continue reading "Condo fraud slumlord sentenced" »

Posted by Sally Duros at 05:00 AM | Permalink | Comments (0) | TrackBacks (0)

The fraud continues and so do the laws.

Hope this new one from The Illinois Attorney General's office makes a difference.

Continue reading "Law targets mortgage "rescuers"" »

Posted by Sally Duros at 05:23 AM | Permalink | Comments (0) | TrackBacks (0)

This week we wrote about something called condo fraud in The Right Place. It's a suspected way that some crooked "developers" make a lot of cash while creating slums.

It occurred to us to us that some of you might not know what a legitimate real estate developer's expenses look like so we've done a little run down here, It was news to us too.

Most developers expect a profit margin of about 20% on their investment, which is pretty modest compared with what our suspected "crooked" developers hope to make.

Continue reading "Fight back against condo fraud" »

Posted by Sally Duros at 12:00 AM | Permalink | Comments (0) | TrackBacks (0)