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Chicago real estate broker's lavish lifestyle was funded by a $3 million scheme that duped investors out of their hard-earned cash. Stanislav "Steve" Sannikov, 42, pleaded guilty to wire fraud for misrepresenting investment opportunities through his company, Chestnut Realty Group.

    Sannikov convinced victims he could snag properties at a profit, but in reality, the deals were often nonexistent or unattainable. He directed investors to deposit earnest money into an escrow account, which was actually a personal checking account under his control. The funds were then used to fuel Sannikov's own extravagant lifestyle.

    The scheme targeted at least four individuals between 2016 and 2020, leaving one victim in his 70s forced to delay retirement due to the losses. On Friday, U.S. District Judge Joan Humphrey Lefkow ordered Sannikov to pay over $2.19 million in restitution to the victims.

    "This was not a momentary lapse of judgment," Assistant U.S. Attorney Sheri H. Mecklenburg said during sentencing. "Sannikov designed and executed a calculated, multi-faceted scheme to defraud multiple individuals over four years."

    Sannikov's conviction is just one example of the growing list of Illinois real estate professionals who have come under scrutiny for misusing client funds or making false promises.