CHICAGO – Yale Schiff, 44, of Riverwoods, is facing serious federal charges after a grand jury indicted him on eleven counts of bank fraud and two counts of aggravated identity theft. The indictment alleges Schiff orchestrated a brazen scheme to siphon millions of dollars from financial institutions through fraudulent loan applications and the exploitation of stolen identities.
According to the indictment returned in U.S. District Court, Schiff systematically filed false statements on mortgage and vehicle loan applications. He allegedly fabricated letters, submitted to the Cook County Recorder of Deeds, falsely claiming existing loans on properties were paid in full and mortgages released. In reality, these loans remained outstanding. Schiff then pocketed both the initial financing and the proceeds from the eventual sale of the properties – all while leaving the original mortgages unpaid. The government is seeking a personal money judgment of approximately $4.7 million, along with forfeiture of a property in Riverwoods.
The scheme wasn’t limited to mortgages. Schiff is accused of using multiple stolen identities to secure loans for a Jeep Grand Cherokee and a Lexus RX350. The pattern was the same: forged letters and false lien releases submitted to the Recorder’s office, claiming the vehicles were paid off when they weren’t. After acquiring the vehicles, Schiff allegedly sold them, keeping the profits without satisfying the outstanding loans. He further extended his criminal reach by using stolen identities to open lines of credit and credit cards, including a Nordstrom charge card used for personal expenses, leaving behind substantial unpaid balances.
The indictment doesn’t portray Schiff as a lone operator. Three of his relatives and a business associate are alleged to have aided in the fraudulent schemes. While the indictment doesn’t detail their specific roles, their involvement suggests a coordinated effort to defraud lenders and amass illicit wealth. Investigators believe the total fraud exceeds $4.7 million.
The case is being spearheaded by United States Attorney for the Northern District of Illinois, John R. Lausch, Jr., in conjunction with the Chicago offices of the FBI (Special Agent-in-Charge Jeffrey S. Sallet) and the U.S. Postal Inspection Service (Inspector-in-Charge Craig Goldberg). Assistant U.S. Attorney Sheri H. Mecklenburg is handling the prosecution. Arraignment details have not yet been scheduled.
It’s crucial to remember that an indictment is not a declaration of guilt. Schiff is presumed innocent until proven guilty beyond a reasonable doubt in a court of law. If convicted, he faces a maximum of 30 years in prison for each bank fraud count and a mandatory minimum of two years for each count of aggravated identity theft. Sentencing will be determined based on federal statutes and the U.S. Sentencing Guidelines.
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Key Facts
- State: Illinois
- Agency: DOJ USAO
- Category: White Collar Crime
- Source: Official Source ↗
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