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updated: 1/22/2014 12:02 PM

Libertyville man facing federal mortgage fraud charges

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Daily Herald report

A 73-year-old Libertyville man is facing federal mortgage fraud charges stemming from a scheme that prosecutors say netted him nearly $3.2 million over roughly two years.

Conrad Ulz is facing up to 30 years in prison if convicted.

Prosecutors said Ulz operated "two real estate-related firms" that lured buyers to fraudulently obtain 13 mortgages from various lenders for properties in Chicago's Englewood neighborhood.

Court papers allege Ulz recruited buyers with good credit, promising to pay them for purchasing the properties and promising they would not have to use their own money.

Prosecutors say Ulz lied on federal loan applications.

The government is seeking forfeiture of at least $3.1 million and could ask for $1 million in fines.

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