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Residential
Chicago

Developer sentenced to prison for South Loop condo project scheme

Warren Barr III and 5 others were accused of deceiving lenders to boost sales at Vision on State tower

1255 South State Street (Credit: Joanne Nemerovski)
1255 South State Street (Credit: Joanne Nemerovski)

A developer was sentenced to more than seven years in federal prison for a fraud scheme involving the sale of South Loop condominiums.

Warren Barr III was convicted of selling condos at Vision on State tower at artificially high prices to boost sales and deceive lenders, according to Crain’s.

The tower is located at 1255 South State Street.

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Barr and five others participated in the scheme to return down payments and assessments to straw buyers, providing misleading information about the source of the down payments to lenders. The deception cost the lenders more than $12.6 million, according to prosecutors.

Barr pleaded guilty in 2016 to fraud for giving false information to Bank of America in order to receive a $417,000 loan. Other victims in the case were AmTrust Bank, Bank of America, First Tennessee Bank, JPMorgan Chase and Wells Fargo Bank, according to Crain’s.

Also charged in the case were Asif A. Aslam, Leonard V. Sanders, Robert D. Lattas, Jeffrey A. Budzik and James J. Carroll. [Crain’s] — John O’Brien

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CondominiumsSouth Loop