Fraud Charges Indictment for North Suburban Financial Adviser
Federal fraud charges indictment for a north suburban financial adviser for allegedly swindling clients who had sought her assistance in purchasing a new home after foreclosure. 53-year old Mary Martinez, also known as Mary Flores of Glencoe is charged with ten counts of wire fraud in an indictment returned Thursday in U.S. District Court in Chicago. Arraignment has not yet been scheduled.
John R. Lausch, Jr., United States Attorney for the Northern District of Illinois; William Hedrick, Inspector-in-Charge of the U.S. Postal Inspection Service in Chicago; Brad Geary, Special Agent-in-Charge of the U.S. Department of Housing and Urban Development, Office of Inspector General in Chicago; Jeffrey A. Monhart, Regional Director of the Chicago Regional Office of the U.S. Department of Labor, Employee Benefits Security Administration; and Tanya Solov, Director of the Illinois Securities Department of the Illinois Secretary of State announced the indictment.
Assistant U.S. Attorney Jacqueline Stern is representing the government. Martinez had owned and operated several companies, including Illinois Housing Solutions, America Investment Corporation, and Investor Short Sale Niche, according to the indictment. The purpose of the companies was to offer financial services, real estate and mortgage services, and investment opportunities.
Martinez had advertised through the radio offering help to individuals who had lost their homes through foreclosures to purchase another home and improve their credit. According to the alleged charges, from 2011 to earlier this year, the victims were made false representations by Martinez. He promised to obtain investment funds, including retirement savings, college funds, and personal savings.
According to the indictment, Martinez had misappropriated a substantial portion of the victims’ funds to pay her personal and business expenses, including rent payments and retail purchases. According to the charges, Martinez’s scheme caused losses to victims of at least approximately $450,000.
