Block 37 Developers Facing Federal Fraud Charges
Block 37 developer Laurance Freed is facing fraud charges over a Schaumburg shopping mall formerly owned by his company. Laurance, the president of Joseph Freed & Associates, and VP Caroline Walters are facing a 16-count indictment on federal fraud charges regarding Schaumburg's Streets of Woodfield mall. They are accused of defrauding several banks, the City of Chicago, and a JV partner by providing false information, Crain's reports. They pleaded not guilty to a previous 14-count indictment in January 2014. They are due back in court this week after a special grand jury on April 16 produced a superseding indictment. Laurance is best known for developing Block 37, a mall in downtown Chicago, and the previous indictment was related to a redevelopment project in Uptown. [CCB]
