Suburban man charged with fraud over millions in bad mortgages

A north suburban man is facing federal charges he obtained millions of dollars worth of mortgages using fake identities and falsified property titles.

Yale Schiff, 44, of Riverwoods, was indicted on 11 counts of bank fraud and two counts of identity theft, according to the Deerfield Review.

Schiff filed falsified papers indicating mortgages on five properties were paid off, obtained new loans secured by the properties and then sold the properties without paying off the new loans, according to the indictment.

The properties were at 910 West Madison Street, 16 South Aberdeen Street and 1000 West Adams Street in the West Loop, 2057 West Ohio Street on the Near West Side, and 2460 Forest Glen Trail in Riverwoods.

In addition to the $3.1 million in improperly obtained mortgages, Schiff fraudulently secured $192,800 in loans on three vehicles, according to the indictment.

In all, 19 banks and financial institutions were defrauded, authorities said.

Efforts by the Deerfield Review to reach Schiff’s attorney were unsuccessful. [Deerfield Review] — John O’Brien