Sunday, March 06, 2005

Illinois man accused of real estate fraud

Owner of Accurate Financial Group said to have bilked senior

An Illinois man said to have bilked an elderly man out of $170,000 in an alleged real estate fraud was taken into custody Thursday, the Chicago Daily Herald reported.

Charles Landwer of Bartlett, Ill., the owner of Accurate Financial Group in Bloomingdale, Ill., was taken into custody after the judge declared his prior convictions and alleged deception of an elderly man warranted a $500,000 bond, according to the Herald.

Landwer is charged with two counts of exploiting an elderly person and two counts of theft by deception, the Herald reported.

Police said Landwer befriended a 77-year-old man at the Wayne Township Senior Center and the man gave Landwer power of attorney to sell his home in Elgin, Ill. while he was living in Florida, according to media reports. The house sold for $170,000, but prosecutors said the senior and American Eagle Bank in South Elgin, Ill., which holds the mortgage, never saw a dime, reports said.

In 1997, Landwer was convicted of unlawful possession of a stolen vehicle in DuPage County, as well as attempted solicitation of murder and served 7 years in prison, the Herald said.

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