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This profile was last updated on 11/24/10  and contains information from public web pages.

Francis Alan Schmitz

Wrong Francis Alan Schmitz?

Head

Local Address: Illinois, United States
Long Grove Real Estate Partners , LLC
 
Background

Employment History

  • Managing Partner
    Long Grove Real Estate Partners , LLC
  • Vice President and Manager of Building and Administrative Services
    Northern Trust Corporation
  • President
    F. Alan and Associates
6 Total References
Web References
Francis Alan Schmitz, the ...
www.thestreetsweeper.org, 24 Nov 2010 [cached]
Francis Alan Schmitz, the head of Long Grove Real Estate Partners in Illinois, pleaded guilty last week to scamming six different banks through a Ponzi-like scheme, the Chicago Daily Herald reported. According to court records, the newspaper said, Schmitz falsely claimed that he controlled a substantial trust fund when securing $6 million worth of loans from the banks. By the time that Schmitz's long-running scheme finally came to an end earlier this year, the newspaper said, those banks had suffered more than $3 million in losses. Schmitz could have faced up to 30 years in prison for his crimes, the newspaper said, but prosecutors have recommended a lighter sentence - of six-and-a-half to eight years - instead. more...
Francis Alan Schmitz, aka ...
mortgagefraudblog.com [cached]
Francis Alan Schmitz, aka "F. Alan Schmitz," 60, Long Grove, Illinois, a former bank executive, was sentenced to seven years in federal prison for fraudulently obtaining more than $6 million in bank loans and other funds that resulted in losses totaling more than $3 million. Schmitz provided false financial information in seeking funds to purchase real estate but, instead, used most of the money for his own personal benefit, including to make Ponzi-type payments to previous lenders.
Schmitz was ordered to pay $3,109,932 in restitution by U.S. District Judge Rebecca Pallmeyer who imposed the 84-month sentence in Federal Court.
...
The restitution includes approximately $14,000 to the Social Security Administration for benefit payments that Schmitz continued to receive after the death of a relative. Schmitz, who has remained in custody since he was arrested and charged in May 2010, pleaded guilty to mail fraud in September 2010.
According to court documents, Schmitz represented himself to be managing partner of Long Grove Real Estate Partners, LLC, and the president of F. Alan and Associates, Inc., and filed a voluntary bankruptcy petition in December 2009. He was once a vice president and manager of building/administrative services at Northern Trust Company until 1996.
Between approximately 2003 to 2010, Schmitz engaged in a fraudulent financing scheme. As part of the scheme, Schmitz fraudulently attempted to and did obtain loans from a series of banks and other lenders and used a portion of the proceeds in a Ponzi-manner to pay off earlier victims. In obtaining the funds and in concealing his scheme, Schmitz used misrepresentations, forgeries, impersonations of lawyers, accountants and brokers he created, phony documents, false court filings, perjury in a related bankruptcy proceeding, fraudulent emails and other correspondence and the creation and use of a virtual office in the name of a non-existent brokerage firm. Central to his misrepresentation was that he was the beneficiary of a multi-million-dollar trust fund.
One of the last fraudulent loans occurred in early 2009. Schmitz worked with a loan broker to obtain a $2.85 million line of credit that he allegedly falsely represented would be used to make deposits on 11 investment properties in Long Grove, Illinois. Schmitz pledged $5.375 million in purported trust assets as collateral, and represented a net worth of more than $6.3 million, with nearly $5.6 million in liquid assets. In early 2009, Schmitz provided periodic account statements for the purported trust, a personal financial statement, and personal and trust income tax returns for two years to First Midwest Bank, which extended the line of credit based on Schmitz's representations of his financial condition.
The trust account statements that Schmitz provided to the bank purported to be issued by a trust company in Florida, but, in fact, was nothing more than a "virtual office," whose mail and purported web site were traced to a mail drop facility that Schmitz used in Arlington Heights. The personal financial statement that he provided allegedly failed to disclose at least four outstanding bank loans totaling more than $3.3 million, and stated that his gross annual salary was $275,000 (his purported tax returns listed more than $300,000 in total income), while his bankruptcy petition listed his total employment income as only $15,000 in 2007, $16,626 in 2008, and $14,000 in 2009.
Schmitz caused the entire $2.85 million line of credit to be disbursed almost immediately upon its approval, with $350,000 of the proceeds placed in escrow to pay interest and approximately $59,000 applied to broker and bank fees. The remaining $2,440,850 was transferred to a business bank account he controlled. Within days, Schmitz allegedly wire transferred $1,630,274 to Inland Bank & Trust to pay on a defaulted loan and he used another $40,200 to pay past due rent. He used another $20,000 to pay a civil judgment and transferred approximately $380,000 to his personal bank account.
About two weeks after First Midwest Bank provided Schmitz with the line of credit, the bank discovered that the trust assets pledged as collateral were non-existent.
Francis Alan Schmitz, 58, of ...
abclocal.go.com, 6 May 2010 [cached]
Francis Alan Schmitz, 58, of Long Grove allegedly provided false financial information to obtain bank funds, claiming the money was to purchase real estate, then used most of it for personal reasons, including paying off debts, according to a release from the U.S. Attorney's office.
Schmitz, aka F. Alan Schmitz, was charged with mail fraud in a criminal complaint unsealed in U.S. District Court after his arrest. He appeared in court Thursday and was ordered to remain in custody pending a detention hearing at 4 p.m. Tuesday, the release said.
According to the complaint, in early 2009 Schmitz worked with a loan broker to obtain a $2.85 million line of credit to make deposits on 11 investment properties in Long Grove. He pledged $5.375 million in false trust assets as collateral and represented a net worth of $6.33 million, with $5.6 million in liquid assets, the charges allege.
First Midwest Bank extended the line of credit based on Schmitz's representations of his financial condition, the release said. But the account statements, apparently issued by a trust company in Florida, were in fact nothing more than a "virtual office" whose mail and website were traced to a mail drop facility Schmitz used in Arlington Heights.
Schmitz allegedly withdrew most of the $2.85 million line of credit almost immediately, with $350,000 placed in escrow to pay interest and another $59,000 applied to broker and bank fees. The remaining $2.44 million was transferred to a business account he controlled, according to the complaint.
Within days, Schmitz wire transferred $1.6 million to Inland Bank & Trust to pay on a defaulted loan and used $40,200 to pay past due rent, the release said. He used another $20,000 to pay a civil judgment and transferred about $380,000 to a personal bank account, the charges allege.
About two weeks after First Midwest bank provided the line of credit, the bank discovered the trust assets were non-existent.
Mail fraud carries a maximum penalty of 30 years in prison, a $1 million fine and mandatory restitution. Schmitz was vice president and manager of building/administrative services at Northern Trust Co. until about 1996, and more recently represented himself as a managing partner of Long Grove Real Estate Partners and president of F. Alan and Associates, the release said. He filed a voluntary bankruptcy petition in December.
Francis Alan Schmitz, also ...
www.mortgagefraudblog.com, 4 June 2010 [cached]
Francis Alan Schmitz, also known as "F. Alan Schmitz,"58, Long Grove, Illinois, was arrested on federal charges alleging that he fraudulently obtained a $2.85 million bank line of credit year resulting in a loss of approximately $2.4 million. The defendant, Francis Alan Schmitz, a former bank executive, allegedly provided false financial information in seeking bank funds to purchase real estate but, instead, used most of the money for his own personal benefit, including to pay other debts.
According to the complaint affidavit, Schmitz, was a vice president and manager of building/administrative services at Northern Trust Company until about 1996, and more recently has represented himself to be managing partner of Long Grove Real Estate Partners, LLC, and the president of F. Alan and Associates, Inc. He filed a voluntary bankruptcy petition in December.
In early 2009, Schmitz worked with a loan broker to obtain a $2.85 million line of credit that he allegedly falsely represented would be used to make deposits on 11 investment properties in Long Grove, Illinois. Schmitz pledged $5.375 million in purported trust assets as collateral, and represented a net worth of $6,332,618, with $5,595,000 in liquid assets, the charges allege. Between January and April 2009, Schmitz provided periodic account statements for the purported trust, a personal financial statement, and personal and trust income tax returns for two years to First Midwest Bank, which extended the line of credit based on Schmitz's representations of his financial condition.
The trust account statements that Schmitz provided to the bank purported to be issued by a trust company in Florida, but, in fact, was nothing more than a "virtual office," whose mail and purported web site were traced to a mail drop facility that Schmitz used in Arlington Heights, Illinois, according to the affidavit. The personal financial statement that he provided allegedly failed to disclose at least four outstanding bank loans totaling more than $3.3 million, and stated that his gross annual salary was $275,000 (his purported tax returns listed more than $300,000 in total income), while his bankruptcy petition listed his total employment income as only $15,000 in 2007, $16,626 in 2008, and $14,000 in 2009.
Schmitz allegedly caused the entire $2.85 million line of credit to be disbursed almost immediately upon its approval, with $350,000 of the proceeds placed in escrow to pay interest and approximately $59,000 applied to broker and bank fees. The remaining $2,440,850 was transferred to a business bank account he controlled. Within days, Schmitz allegedly wire transferred $1,630,274 to Inland Bank & Trust to pay on a defaulted loan and he used another $40,200 to pay past due rent. He used another $20,000 to pay a civil judgment and transferred approximately $380,000 to his personal bank account, the charges allege.
About two weeks after First Midwest Bank provided Schmitz with the line of credit, the bank discovered that the trust assets pledged as collateral were non-existent, the complaint states.
Mortgage Fraud Blog |
www.hadd.com [cached]
Francis Alan Schmitz, also known as "F. Alan Schmitz,"58, Long Grove, Illinois, was arrested on federal charges alleging that he fraudulently obtained a $2.85 million bank line of credit year resulting in a loss of approximately $2.4 million. The defendant, Francis Alan Schmitz, a former bank executive, allegedly provided false financial information in seeking bank funds to purchase real estate but, instead, used most of the money for his own personal benefit, including to pay ...
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