Jury Finds Block 37 Developer Guilty Of Fraud
Block 37 developer Laurance Freed faces a maximum of 230 years behind bars after a jury convicted him yesterday on eight counts of fraud tied to two real estate deals. Freed was originally charged with 15 counts. He was found guilty of three counts of bank fraud, one count of mail fraud and four counts of making false statements to a financial institution, Crain's reports.
The charges against Freed and former Joseph Freed & Associates VP Caroline Walters stem from deals involving the Schaumburg's Streets of Woodfield Mall (shown) and the redevelopment of a Goldblatt's department store in Uptown. Walters pleaded guilty to fraud charges earlier this month and faces up to 78 months in prison.
Prosecutors cited several documents proving Freed failed to disclose $900k in unpaid property taxes when he requested loans and subsidies for the projects. He's due to be sentenced July 10. [Crain's]
