A Chicago contractor has been convicted in a reverse mortgage scam
Davis said Diamond’s scheme “defrauded more than a hundred elderly and vulnerable homeowners, betrayed their trust and devastated them financially.” She added that his conviction is “a sobering reminder of the unique harm caused by predatory reverse mortgage schemes. These blatant criminal acts will not be tolerated, and my office will continue to work with our law enforcement partners to hold other individuals like Diamond accountable for their actions.”
DePodesta said the scheme “preyed on some of Chicago’s most vulnerable residents,” with Raoul adding that the victims’ only mistake “was that they trusted that an individual who specifically targeted them would be victimized his scam.”
In addition to Diamond, four co-conspirators — two lenders, an employee of Diamond’s and a title agency owner — “have previously pleaded guilty and admitted their roles in the fraud” and are “pending sentencing,” according to the DOJ announcement.
During his sentencing hearing, Diamond addressed the court: according to local reporting from WGNTV.
“If I could turn back time and change it, I would,” he reportedly said. ‘But I can’t. All I can say is, ‘I’m sorry.’”
