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Police Lieutenant, Former Bank CEO Arrested for Mortgage Fraud

mortgagedaily.com | November 27, 2013

By Jason Meisner

An owner of Chicago realty business who also led a now-defunct Chicago bank was arrested today on federal bank fraud charges involving an alleged scheme to illegally provide a $650,000 mortgage for the purchase of a South Side apartment building.

A Chicago police lieutenant who allegedly played a role in the scheme was charged in the same indictment with federal income tax fraud.

Robert Michael, 62, an owner of Michael Realty and former CEO of Citizens Bank, was indicted on one count each of bank fraud, making false statements to a bank, and money laundering. Police Lt. Erroll Davis, 52, was charged with one count of filing a false federal income tax return.

Michael pleaded not guilty today before U.S. Magistrate Daniel Martin and was released on a $10,000 personal recognizance bond.

Davis, a 27-year veteran of the force, was not arrested and will be arraigned at a later date. The charge against him had no direct connection to his work with the police.

Police department spokesman Adam Collins said Davis, who for years was a high-ranking member of the police Marine Unit, resigned his position today.

Police department spokesman Adam Collins said Davis, who for years was a high-ranking member of the police Marine Unit, resigned his position today.

Michael and his brother, George, are also co-owners of Michael Realty on Chicago's Northwest Side. Over the years, the brothers built a small empire of mostly commercial real estate holdings through Citizens Bank. By 2009, the brothers ran dozens of buildings across the Northwest Side and suburbs, owned two popular bars in Chicago and had a combined net worth near $15 million, according to court documents.

The brothers were previously sued by the Security and Exchange Commission for malfeasance at their bank, including playing fast and loose with financial regulations, making deals without telling the bank's board of directors and hiding personal interests they had in many of the properties.

In 2010, a federal administrative law judge recommended that the brothers be kicked out of banking indefinitely, ruling that the Michaels had "a tendency to violate regulation, engage in unsafe or unsound practices, and breach their fiduciary duties." Banking regulators later ousted the brothers.

George Michael was not accused of any wrongdoing in the indictment unsealed today.

 

Back to November 2013 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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