Brian Weaver
Senior Member
- Joined
- Apr 16, 2005
- Professional Status
- Gvmt Agency, FNMA, HUD, VA etc.
- State
- Illinois
TINLEY PARK, Ill. Police conducted a major raid at a mansion in Tinley Park Tuesday. Investigators were tipped off by some very hot wheels on the property.
The alleged crime was a real estate fraud, with hundreds of victims.
The home is in the 7800 block of Joliet Drive. CBS 2's Suzanne LeMignot reports on the suspected gang leader living and driving in the fast lane.
Police say Terry Faulkner was a flashy guy. He had a posh home in Tinley Park and top-of-the-line cars, among them, a Maybach, which costs more than $300,000; a Bentley and a BMW.
"You would wonder, because they were pretty, luxury cars and just don't know where you come up with that kind of money," said neighbor Noreen DeMarie.
Police say an elaborate money laundering and real estate scheme provided Faulkner with his lavish life. Through "Operation Unreliable Rehab" they learned Faulkner, along with Rodrigo Na Vascues, allegedly duped unsuspecting property buyers and mortgage companies out of hundreds of thousands of dollars.
"Faulkner brings the buyer to the closing where there was a fake notary and fake attorney present," said Chicago Police Supt. Phil Cline.
"Na Vascues and Faulkner would then create a counterfeit check, to fool the mortgage lender into believing a down payment had been made," Cline said.
This is how police say the scheme worked. Faulkner would find a victim, then a property through URB Real Estate Company. Then Na Vascues, a mortgage broker with hammer financial on the Northwest Side of Chicago would process fraudulent loan applications and submit them to unsuspecting lenders.
In the meantime, Faulkner would get an inflated appraisal from Paul Demos Appraisers in Palos Heights. Police say Faulkner operated the scheme under the name of a bogus company, called "Reliable Rehab."
"He would explain that the building would be rehabilitated, and that the buyer could quickly sell the property for a sizeable profit," Cline said.
Cline said anyone who feels they were scammed by should call the state's attorney's office. Hammer financial and URB Real Estate had no comment. Calls to Paul Demos Appraisers for comment were not returned.
The alleged crime was a real estate fraud, with hundreds of victims.
The home is in the 7800 block of Joliet Drive. CBS 2's Suzanne LeMignot reports on the suspected gang leader living and driving in the fast lane.
Police say Terry Faulkner was a flashy guy. He had a posh home in Tinley Park and top-of-the-line cars, among them, a Maybach, which costs more than $300,000; a Bentley and a BMW.
"You would wonder, because they were pretty, luxury cars and just don't know where you come up with that kind of money," said neighbor Noreen DeMarie.
Police say an elaborate money laundering and real estate scheme provided Faulkner with his lavish life. Through "Operation Unreliable Rehab" they learned Faulkner, along with Rodrigo Na Vascues, allegedly duped unsuspecting property buyers and mortgage companies out of hundreds of thousands of dollars.
"Faulkner brings the buyer to the closing where there was a fake notary and fake attorney present," said Chicago Police Supt. Phil Cline.
"Na Vascues and Faulkner would then create a counterfeit check, to fool the mortgage lender into believing a down payment had been made," Cline said.
This is how police say the scheme worked. Faulkner would find a victim, then a property through URB Real Estate Company. Then Na Vascues, a mortgage broker with hammer financial on the Northwest Side of Chicago would process fraudulent loan applications and submit them to unsuspecting lenders.
In the meantime, Faulkner would get an inflated appraisal from Paul Demos Appraisers in Palos Heights. Police say Faulkner operated the scheme under the name of a bogus company, called "Reliable Rehab."
"He would explain that the building would be rehabilitated, and that the buyer could quickly sell the property for a sizeable profit," Cline said.
Cline said anyone who feels they were scammed by should call the state's attorney's office. Hammer financial and URB Real Estate had no comment. Calls to Paul Demos Appraisers for comment were not returned.