Aurora Land Grab: LeBeau & Bodie Convicted in $2M Fraud

CHICAGO – Two Aurora and Chicago businessmen are facing decades behind bars after a federal jury found them guilty of a brazen bank fraud scheme that bilked investors out of hundreds of thousands of dollars. KEVIN LEBEAU, 55, of Aurora, and BRIAN BODIE, 66, of Chicago, were convicted Thursday following an eight-day trial in Chicago’s federal court.

The pair stood accused of falsifying loan documents in a desperate attempt to stave off foreclosure on a nearly $2 million, 10.4-acre parcel of land in Aurora. The scheme, dating back to 2005, involved fabricating information about the property’s development to mislead Amcore Bank, which had initially issued a mortgage with a full personal guarantee from LeBeau and Bodie. When loan payments dried up, the pair didn’t concede defeat – they doubled down on deceit.

Evidence presented at trial painted a picture of calculated dishonesty. LeBeau and Bodie actively misled the bank about the progress of their planned development, buying themselves time while investors unknowingly poured money into a sinking ship. Ultimately, foreclosure did occur in 2010, resulting in significant losses for both the bank and the individuals who’d been lured into the project with promises of a lucrative mixed-use development.

The fallout was devastating for some. One couple lost a staggering $450,000, while an elderly couple was defrauded of $300,000. Court records indicate LeBeau and Bodie even diverted funds from the elderly couple – money intended for development – to cover business expenses and, ironically, to make payments to the very bank they were defrauding.

LEBEAU was found guilty of three counts of bank fraud and four counts of making false statements to a federally insured bank. BODIE was convicted on three counts of bank fraud and three counts of making false statements to a federally insured bank. Each count carries a maximum sentence of 30 years in prison. U.S. District Judge Robert W. Gettleman has yet to set sentencing dates, but the prospect of lengthy prison terms looms large for both men.

The convictions were announced by Acting U.S. Attorney for the Northern District of Illinois, Joel R. Levin, and Michael J. Anderson, Special Agent in Charge of the Chicago FBI Office. Assistant U.S. Attorneys Kartik K. Raman and Amarjeet S. Bhachu led the prosecution, bringing the scheme to light and securing the guilty verdicts. This case serves as a stark reminder that financial deception, no matter how elaborate, will be met with federal scrutiny and, ultimately, justice.