Mark Yampol, Equity Skimming, Illinois 2024
CHICAGO — A shocking case of financial exploitation has come to light in Illinois, with Mark Yampol, 57, of St. Louis, Mo., being indicted by a federal grand jury for allegedly skimming $1.1 million from federally insured nursing homes.
According to the indictment, Yampol controlled a portfolio of nursing homes in Illinois, including those in the Chicago suburbs of Northbrook and St. Charles. The U.S. Department of Housing and Urban Development insured the mortgage loans made by private lending institutions to all but one of Yampol's nursing homes.
The indictment states that by March 1, 2015, the HUD-insured facilities had not made timely mortgage payments and were in default of their loans. From May 2015 to August 2015, Yampol diverted approximately $1.1 million in funds derived from the HUD-insured facilities, which remained in default on their loans, to pay the mortgage and operating expenses of the non-HUD-insured facility.
The charge of equity skimming is punishable by up to five years in federal prison. A date for arraignment has not yet been set.
Mark Yampol, the owner of several Illinois nursing homes, is charged with one count of equity skimming, according to an indictment returned Wednesday in U.S. District Court in Chicago.
The public is reminded that an indictment is not evidence of guilt. The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.
Key Facts
- State: Illinois
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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