Thread: Chicago: Lithuianian immigrant convicted in mortgage fraud

Daily Herald
Chicago man faces fraud charges for suburban mortgages
By Barbara Vitello | Daily Herald Staff
Published: 10/10/2008 4:30 PM

Federal agents arrested Chicago resident Tomas Leiskunas, a Lithuanian national who also goes by the name of Elidijus Pocevicius, Friday in connection with a $3.7 million mortgage fraud scheme involving properties in Elmhurst, North Aurora and Palatine.

Leiskunas was charged with violation of the Federal Wire Fraud statute, a felony that carries a sentence of up to 30 years in prison. According to the complaint, the 28-year-old falsified information related to his employment, income and liabilities in order to obtain mortgages. From early September 2006 to early November the same year, Washington Mutual, WMC Mortgage, 21st Century Mortgage, Peoples Choice Home Loan, Aegis Mortgage and Wilmington Finance loaned Leiskunas between $580,000 and $732,000 each for the purchase of properties at 164, 183 and 160 Mayo Court in Elmhurst; 2041 and 2049 Westover Road in North Aurora and 702 N. Morrison Ave., Palatine. All of the loans went into default.

According to a written statement from the Federal Bureau of Investigation, the lenders financed each purchase with a primary loan for 80 percent of the purchase price and a secondary loan for the remaining 20 percent.

"We've had several other mortgage fraud cases charged this year," said Ross Rice, special agent and spokesman for the Chicago FBI.

Thirty defendants were indicted in February in a mortgage fraud case. In June, 40 people were indicted on a charge of participating in a mortgage fraud ring.

"This case is probably the largest involving a single subject," said Rice. "It's significant in regard to the number of properties and the dollar amount."

The complaint alleges that Leiskunas told lenders he owned a business called Tom's Hardwood Flooring from which he earned a monthly income of between $14,000 and $16,000. In reality, he worked as an independent contractor for a real estate investment firm earning $23,500 in 2006 and $24,800 in 2005. The complaint also alleges that Leiskunas may have been acting as a "straw buyer" for co-conspirators not yet charged. In this capacity he may have earned about $106,000 in kickbacks.

Leiskunas is being held without bond in Chicago's Metropolitan Correctional Center. He next appears in court Oct. 15.

http://www.dailyherald.com/story/print/?id=241993

Him and about 10 million other "immigrants". When will they prosecute the rest of them?