Speaking of Frauds...
Someone brought this to our attention following the spate of mortgage fraud scandals currently coming to the fore. We wrote about it over three years ago:
- Jeffrey Duerwachter made $413,000 in one day last year by buying and selling the Chicago Defender building.
But he did even better investing, making a $413,000 profit by buying and immediately reselling a historic South Loop building that once housed the Chicago Defender, the city's biggest African-American newspaper. And he did it all in one day -- June 8. First, Duerwachter paid $3.72 million for the building and a nearby vacant lot Then, Duerwachter resold the building and lot for $4.1 million to a company owned by Matthew A. O'Malley, a politically connected Chicago restaurant owner who had been negotiating to buy the property from Stratievsky.
O'Malley bought the property with three loans -- including $1 million in city pension funds managed by DV Urban Realty Partners, a company co-owned by Mayor Daley's nephew, Robert Vanecko, and one of Daley's key African-American allies, Allison S. Davis. This was one of the investments Davis and Vanecko made after their newly created company was hired to manage $68 million for five pension funds for city workers, police officers, Chicago teachers and CTA workers.
Does the pension fund still own the Defender Building? Was everything on the up-and-up when this deal.....oh, who are we kidding? Nothing was on the up-and-up here. Flipping a $4 million building in one day with pension money from five city pensions that are so underfunded that Rahm is going to try to break them all in the next few days? Please.
But no one got charged criminally, sued civilly or answered to any sort of investigation that we recall. Did we miss it?
But no one got charged criminally, sued civilly or answered to any sort of investigation that we recall. Did we miss it?
Labels: corruption, scandals
posted by SCC at 12:01 AM
51 Comments:
Media Madness....
How come they missed it?
This is a huge, big deal.
Where is that 68 million dollars?
Where is the Times or Trib?
Yeah, our pension fund rep Laffy and prior rep Shields are right on this one.
why can't the public employees sue the city and/or the state for the skipped pension payments and if the city cannot pay then start demanding city assets. like demand o'hare airport, midway airport, any new chicago casino, [gasp] maggie park, millennium park, and daley plaza for example.
when people can't pay their bills isn't that what happens, you take away their assets and sell them or do whatever.
oh and since the union leaders cannot be trusted some other form of ownership/trust would need to be set up. something with checks and balances that we no longer have
who can explain this...
Obama, first lady visit National Mall tent where activists are fasting for immigration bill
[...]...WASHINGTON — President Barack Obama on Friday told activists who are fasting to protest House inaction on immigration legislation that their "commitment to change" ultimately will help pressure lawmakers to act.
On the day after the U.S. holiday of Thanksgiving marked by an abundance of food, Obama stopped in at a heated, white tent on the National Mall where some activists have drunk only water since Nov. 12 in support of immigration legislation.
[...]... Obama was the latest administration official to visit with the activists. Vice President Joe Biden, Cabinet secretaries and top White House advisers have also visited.
http://www.startribune.com/politics/national/233844641.html
Looks like they are trying to make a little more money by not paying the mortgage and selling for a little more:
http://www.chicagorealestatedaily.com/article/20130617/CRED03/130619818?template=mobile
I'd be curious if any of that money found it's way into any democrat's campaign fund.
It's at times like these one must ask, what would the teamsters do ?
Google teamsters violence.
Yeah...
The media runs a splashy and misleading headline about a mortgage writer who engaged in fraudulent practices, quit the biz to become a cop, then get's pinched for said fraud while still in the academy...
A somewhat righteous headline?
"Former Mortgage Writer Arrested For Fraud While In CPD Training Academy"
What they ran...
"Bond Set At $25,000 For CHICAGO COP Charged In Mortgage Fraud Scheme"
Had this guy even taken his oath of officer yet?
Has he passed the State Exam and received his certification?
Another hit piece by local media.
The facts will never get in the way of a "good story."
The maddening thing is the low information haters posting idiocy like...
"Typical cop."
"Corrupt."
Ad Nauseam...
When the media plays an active role in sabotaging, ham-stringing and undermining The Police, if and when The Police so reduced in stature, who will have the upside?
They are REALLY pushing for The Police to "go away," aren't they?
Somebody once said that Policemen don't come from Mars... They're selected from the same pool of people that all others are swimming in!
"Don't look here! Look at da COP over there!"
Mike Shields has our back
The building has been vacant and an eyesore for the three years since and only recently has there been some construction activity from within. Northbrook Bank foreclosed on several of O'Mally's properties over the summer.
Don't you remember O'Mally? He's the guy that knocked up the women who had "some" influence as the Park District Director of Development over the parties negotiating on behalf of the city for O'Mally's Park Grill in Millenium Park. You know, the one that doesn't pay property taxes, garbage pickup, etc, etc.
If you search Matthew O'Mally in Crains and Wikipedia you won't believe the crap he and his partners have pulled with the help of certain insiders, cough cough Daley cough cough.
You all are the peasants without rights not granted by the goodness of our feudal king of the manor, overlord of the fiefdom known as Chicago, under the authority, the new church, our sovereign whore the state.
Tread lightly and quibble not before your king Rahm, or his lords the council chamber, lest they charge their vassals, your commanders, and they will beset upon the peasantry, you, the rabble serfs.
It will be your own doing when they exact from you ever more ransom and an even higher toll for the privilege of your allowances, the grant of your stay in their land.
Their land.
Their rule.
Theirs.
it's odd that your employer has a contract with you, has a legal obligation to uphold their end of the bargain... and they just don't.
If the city was on the up and up, paying into your pension on time and the full amount, police officers wouldn't be criticized for pension benefits that really aren't all that generous if you only get 50 percent after 20 years, and max out at 29 years at 75 percent.
You mean a guy or gal does your job til they're 63 and now has a pension that doesn't make ends meet but they're too old to get another job?
And no social security?
And a city that says it will not pay your health insurance in the gap between retiring and medicare?
And kept giving you 1 to 2 percent wage increases as costs went up ?
Obama was a no vote when the democrats in the senate had a chance to pass immigration reform. Way back when the Republicans under Bush, who asked for a bill, and supported comprehensive reform, mustered enough support against much opposition by Bush's own party, it was the democrats, including then senator Obama, who killed the bill just to deny Bush the political victory and postpone passage of any reform til Democrats could take credit with a bill of their own.
Just like with the debt ceiling, and presidential appointments, or executive privilege, Obama is nothing but a hypocrite. The complainer-in-chief.
Never mind the truth as to why the pension is messed up. Borrowing, stealing, poor investing, underfunding. No that's not something the fat cat scum politicians and media like to talk about. If the media would talk about the truth once in awhile maybe the political scum would do what's right.
The connected O'Malley & O'Connell did not use any of their own money. They used our money - working and retired CPD members money to commit mortgage fraud.
What fraud you ask? That building was appraised when the first guy purchased it. Do you think the appraisal went up a million dollars in one day? Of course not. IMHO - O'Malley & OConnell got an inflated appraisal and used their connections to use CPD pension funds - our money - to fund their other ventures.
The received the "loan" money but they never paid it back and were foreclosed upon. What did they actually do with OUR money? Do we own the building now?
Oh never mind, no one will ever question a member of the Daley Crime Family.
Didn't the mob in the 70's do this with teamsters
Money? And didn't most go to jail or disappear?
Throw him in Cook County jail for a few nights.
You all are the peasants without rights not granted by the goodness of our feudal king of the manor, overlord of the fiefdom known as Chicago, under the authority, the new church, our sovereign whore the state.
Tread lightly and quibble not before your king Rahm, or his lords the council chamber, lest they charge their vassals, your commanders, and they will beset upon the peasantry, you, the rabble serfs.
It will be your own doing when they exact from you ever more ransom and an even higher toll for the privilege of your allowances, the grant of your stay in their land.
Their land.
Their rule.
Theirs.
Sir, thou words dipped in venom speak truly
Yes you can sue the city for missed pension fund payments! The police and fire did about 7 or 8 years ago and won in New York they went right to federal court and the city and state was forced to pay the funds!
But if your looking for the FOP or any other union to file against our politicians forget it we have the best corruption our money can buy!
The democrats steal from us and walk all over us. Then they arrogantly laugh us off while daring us to do something about it. It's time to take our country back.
Someone or some persons MUST go to prison for the theft of our pension finances and/or mismanagement before this is over.
must go to prison! (Daley)
Anonymous said...
"why can't the public employees sue the city and/or the state for the skipped pension payments..." etc etc
11/30/2013 12:35:00 AM
As elected officials who are essentially "hired" by the people to represent them, the politicians have insulated themselves from prosecution for wrongdoing in the execution of their duties by indemnifying themselves from prosecution.
Translation? If they believe they are acting in the best interest of the people, they CANNOT BE SUED.
The Allison S. Davis in the article is Obama's former law firm boss. The ARDC website lists him as follows:
Allison Stubbs Davis
DV Realty Advisdors LLC
3619 S State St Ste 400
Chicago, IL 60609-1947
You think the V in DV Realty stands for Vanecko?
All these crooks are f'cking connected.
PENSION REFORM eliminate the "GOLD BRAID BILL" that all the political hacks receive.
------
Command staff (Commanders and above) should be paid their Lieutenants or Captains base pay on the 1st and 16th.
Then, pay them a "Command staff supplemental" check for the additional work of being a Commander, Deputy Chief, Chief etc.
This way, their pension would only be based on the lieutenant/captain rank.
It would be within the State of Illinois constitution.
DO IT NOW RAHM !
". . . one of Daley's key African-American allies, Allison S. Davis . . ." Huh? African-American allies!?! Who fact checks these stories before the get published in our esteemed (cough) local newspapers?
Allison Davis is a pasty-faced white guy. He is also an ethically challenged lawyer that ripped HUD off for millions in sham renovations of west and south side shithole apartments.
He's connected to Rezko and, oh, by the way he was Oama's "sponsor", Obama having worked in his law firm back in his community organizing days.
Here's a link to some interesting information. http://nalert.blogspot.com/2007/11/barack-obamas-career-sponsor-allison.html
Don't overlook the Daley connection
Ask Miriam Santos what happens when you go against the Daley Family Investment Co-op. Now Rahm's friends are due for a windfall on Daley's Reese Hospital scheme.
I'm not sure if the Defender deal ever panned out financially, surely the scheme was to get the free seed money, get their commissions, claim a loss on the defunct under valued property, write off losses for the investors, get ObamaCash® for a bailout, convert land for 'community based' needs, fund another secret ownership venture with TIF's.
Simple plan.
Someone should ask Daley about this. I just want to hear him giggle and mumble and talk about being "scrootened" and declare how he doesn't recall anything since the Democratic Convention in 1968 and how much he misses Maggie and will someone get him a glass of gin.
Big numbers make my head hurt.
Now, Kees me you fool!!!!
where is the rest of this investigation? ok we have the information, so where is the charging and sentencing of this scam?! where are our reps/fop to use this as another prime example of how we have a pension crisis solely because of the crooked politicians.
why can't the public employees sue the city and/or the state for the skipped pension payments and if the city cannot pay then start demanding city assets. like demand o'hare airport, midway airport, any new chicago casino, [gasp] maggie park, millennium park, and daley plaza for example.
If it copuld be done it would have been done. This isnt a new crisis or something no one has knowledge of. Its been front page news for at least the last few years and if any layer or law firm thought that it could be done, they would have contacted the unions and FOP to file the case and make some money
*The Police are the problem in Chicago... Once we "fix" them, everything else will fall in place.*
This. Is. What. They. Think.
The entire Daley family should be exiled from Chicago
Let them bring their favorite flower box with them
I wonder if they own the building down the street where our christmas party will be. Whose getting a piece of that side action
The media just focuses all their efforts on a copper who walks out of Walgreens with a .99 cent bag of nuts instead!
Funny how organized crime is legal for these parasites. They can investigate,wire tap,infiltrate other organizations but some how the corrupt political insider crap gets a pass.
Yeah, Where the fuck are the FEDS? The Mayor, his nephew, and Davis should have been charged criminally! FEDS only go after the easy fish!
Nothing came of this because we're the bad guys in all this. According to the thieving politicians and their ilk it's our fault that we're in this pension mess and now they want us to "bleed a little" to paraphrase Rahm.
Now and then....somebody cares and makes an effort.
http://www.chicagotribune.com/news/opinion/editorials/ct-first-chicago-cop-killed-edit-20131201,0,1132304.story
Our FOP is corrupted, they are in bed with the city and won't sue. Because the FOP along with the city created this problem. All that the city has been able to do against us is thanks to our weak and corrupted FOP.
@ 11/30/2013 04:09:00 AM
Splendid!
SCC, this needs to be it's own post.
Title it, "'Nuff Said!"
The author has most certainly walked by the school house door a time or three...
At least when the Teamsters got caught, people paid with their lives. (Remember Alan Dorfman?) When Daley steals, people proceed to higher office, as was the case with Obama, and Rahm.
Who voted to give them the money from the pension? The board and who on the board voted for it?
That's chump change compared to the gift wrapped $18 million nest egg handed to Rahm when he left the White House.
Remember do as Rahm says not as he does.
Wow, they still refuse to honor Constable Quinn? Too bad that Jody isn't around to rectify this wrong.
So...
When will it finally be ok for all the Policemen who were stolen from to not only get mad but get even?
You know... They so depend on you Coppers to not get mad and hit back.
You guys have "rules" you have to follow...
O'Malley was the father of a child by a woman that ran the Park District her last name was Foxgrover -ring a bell - her father was a Judge in Markham that was caught stealing bonds from defendants so he could satisfy his coke habit - he did a second in some federal prison -- now I believe he works for Vrodyliak --
It's all on the up and up !!!!
Egad...
Picking up sun-ripened dog shit is a cleaner and more honorable undertaking than what these clouted asshole are doing/have done...
Yeah... Stealing money from Policemen is perfectly acceptable in Chicago.
When will it finally be ok for Policemen to fight back against these theiving fucks since all the local and federal regulatory and investigative bodies were too fucking busy trying to avert their eyes to what was going on.
*Sorry Cops. If WE didn't see it, it didn't happen!*
"No No NO! We won't tolerate you Cops talking of vengeance! YOU have rules! We don't..."
You all are the peasants without rights not granted by the goodness of our feudal king of the manor, overlord of the fiefdom known as Chicago, under the authority, the new church, our sovereign whore the state.
Tread lightly and quibble not before your king Rahm, or his lords the council chamber, lest they charge their vassals, your commanders, and they will beset upon the peasantry, you, the rabble serfs.
It will be your own doing when they exact from you ever more ransom and an even higher toll for the privilege of your allowances, the grant of your stay in their land.
Their land.
Their rule.
Theirs.
11/30/2013 04:09:00 AM
Me thinketh thy meaneth..."STOP WORKING VRI OR ANY OTHER OVERTIME INITIATIVE UNTIL THUMBELINA TAKES HEEDETH!"
Anonymous said...
Our FOP is corrupted, they are in bed with the city and won't sue. Because the FOP along with the city created this problem. All that the city has been able to do against us is thanks to our weak and corrupted FOP.
11/30/2013 04:30:00 PM
~~~~~~~~~~~~~~~~~~~~~
Don't know if the FLOP is in bed with the city or not but . . .
when was the last time the FLOP won any kind of grievance?
Anonymous Anonymous said...
Yes you can sue the city for missed pension fund payments! The police and fire did about 7 or 8 years ago and won in New York they went right to federal court and the city and state was forced to pay the funds!
But if your looking for the FOP or any other union to file against our politicians forget it we have the best corruption our money can buy!
11/30/2013 07:54:00 AM
And is that when NYC instituted the city income tax to fund police pensions?
Yes, the DV realtors logo, does stand for davis/vanecko realtors, and they DO own slums, and they DON'T get fined for violations in housing court, and they DO falsify upgrades to properties that are less than habitable and they DO get County, State and Federal funding to continue renting (?) out these gang infested, drug ridden properties, and they DO influence the the property values of surrounding plots/buildings in proximity of their "low income" sites......fuck them and their thieving families and friends....and the politicians that enable them to continue their fuckery on the taxpayers....misappropriated "loans" from the pension funds did NOT affect the transaction fees awarded to davis or vanecko for investment scams..I'm done, my vote will be cast for ANY inbred,mutt, shitmonger that has not slept with the democrats. (joking)
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