Glencoe financial adviser Mary Martinez, 53, is facing the federal fire after being indicted on ten counts of wire fraud for allegedly ripping off clients desperate to rebuild their lives after foreclosure. The scheme, which stretched from 2011 to earlier this year, netted Martinez approximately $450,000 in stolen retirement funds, college savings, and personal investments—all under the guise of helping victims buy new homes and repair credit.
Martinez, who also goes by Mary Flores, operated a string of shell-sounding companies including Illinois Housing Solutions, America Investment Corporation, and Investor Short Sale Niche. She used radio ads to lure in victims, promising financial salvation to those reeling from home loss. Instead of securing down payments, prosecutors say she siphoned the money to cover her own rent, retail sprees, and business bills—leaving clients gutted and homeless dreams dead in the water.
The indictment, handed down Thursday in U.S. District Court in Chicago, paints a calculated pattern of deception. Martinez allegedly made repeated false promises to clients, assuring them their funds were being held and managed responsibly. In reality, the money vanished into her personal accounts, with no trace of real estate transactions or credit-building services ever delivered.
Authorities involved in the case include John R. Lausch, Jr., U.S. Attorney for the Northern District of Illinois; William Hedrick of the U.S. Postal Inspection Service; Brad Geary from HUD’s Office of Inspector General; Jeffrey A. Monhart of the U.S. Department of Labor; and Tanya Solov of the Illinois Securities Department. The case is being prosecuted by Assistant U.S. Attorney Jacqueline Stern.
Each count of wire fraud carries a maximum penalty of 20 years in prison. If convicted, Martinez will face a sentence determined under federal law and the U.S. Sentencing Guidelines. No arraignment date has been set yet, and the court has not assigned a judge to the case.
The Justice Department reminds the public that an indictment is not evidence of guilt. Mary Martinez is presumed innocent until proven guilty in a court of law. The government must prove its case beyond a reasonable doubt. For now, the fallout from her alleged scam leaves at least a dozen families out hundreds of thousands of dollars—and a shattered trust in those who claim to help the financially desperate.
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Key Facts
- State: Illinois
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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