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updated: 5/19/2014 3:04 PM

DuPage County men indicted in mortgage scheme

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Daily Herald report

Two DuPage County men were among six people indicted recently by a federal grand jury on mortgage fraud charges.

Prosecutors said the men are accused of causing buyers to fraudulently obtain mortgages from various lenders to purchase condominiums at Vision on State in Chicago, a 250-unit building in the 1200 block of South State Street.

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Robert D. Lattas, 37, of Oak Brook, an attorney who represented developers at closing, is facing bank fraud and making false statement charges. James J. Carroll, 63, of Naperville, the chief financial officer of the company that developed the building, is charged with bank fraud.

Also indicted were: Warren N. Barr III, 62, of Riverside; Jeffrey A. Budzik, 37, of Miami Beach, Florida; Asif A. Aslam, 43, of Riverside, California; and Leonardo V. Sanders, 51, of Chicago.

The indictment also seeks forfeiture of more than $22 million from Barr, Lattas, Aslam and Sanders. All but Barr are expected to be formally arraigned this week. Barr is believed to be living in Saudi Arabia and an arrest warrant has been issued, according to court papers.

Prosecutors said between 2007 and 2012, the men caused buyers to obtain mortgages to purchase units at the building based on false statements to lenders about the sale prices, buyer employment income, financial condition, assets, liabilities and intent to occupy the units.

The men face up to 30 years in prison if convicted.

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