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Anita Alvarez
Cook County State's Attorney
Communications Department
Chicago, IL 60602
(312) 603-3423
saomedia@cookcountyil.gov

FOR IMMEDIATE RELEASE:

June 22 , 2010

Continuing the ongoing fight against mortgage fraud, Cook County State’s Attorney Anita Alvarez announced her office’s participation in a national sweep by federal and local law enforcement designed to crack down on this nationwide epidemic. 

Dubbed “Operation Stolen Dreams,” the initiative has involved 1,215 criminal defendants collectively responsible for approximately $2.3 billion in losses.  The sweep was launched by the Financial Fraud Enforcement Task Force of the United States Department of Justice, and includes numerous law enforcement agencies, as well as federal and local prosecutors from across the country.  State’s Attorney Alvarez announced today that, as part of the coordinated effort, her office secured indictments or convictions against over a dozen individuals in Cook County alone.

“Given the scope of the mortgage fraud problem, it remains critical for this office to continue to work in conjunction with our law enforcement partners across the nation, and fight to preserve all of the neighborhoods put in jeopardy by this type of fraud,” said Alvarez.

According to Alvarez, these recent prosecutions were made possible because her office previously secured $2.3 million in federal funding to create a new Mortgage Fraud Investigations and Prosecutions Unit.  The prosecutors assigned to this unit not only handle the prosecution of complex mortgage fraud cases, but they also conduct outreach within local neighborhoods and to those in the housing and financial services industries.  As part of this unique community-based approach, specialized prosecutors work in the State’s Attorney’s Community Justice Centers on the city’s North and South sides. 

Individuals, as well as those in the home improvement, real estate, and mortgage industries are encouraged to contact the Mortgage Fraud Unit with any information, questions or concerns at (773) 869-2728 or mortgagefraud@cookcountyil.gov.

The public is reminded that criminal charges are not evidence of guilt.  The defendant is presumed innocent and is entitled to a fair trial at which the State has the burden of proving guilt beyond a reasonable doubt.

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