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Chicago real estate scammer, Mark Steven Diamond, was sentenced to 17 years and three months in federal prison for orchestrating a reverse mortgage scheme that defrauded over 100 elderly property owners. Diamond, 68, targeted vulnerable seniors in the Chicago area by exploiting their equity in their homes and lack of financial expertise, according to Acting U.S. Attorney Morris Pasqual.

    Prosecutors said Diamond tricked homeowners into applying for reverse mortgage loans by misrepresenting documents as necessary for repair work. He then pocketed the funds and often failed to perform the promised repairs. Diamond pleaded guilty last year to wire fraud affecting a financial institution and was ordered to pay $2.7 million in restitution.

    Diamond's scheme had a long history, with allegations dating back to 2017 when he was accused of stealing $7 million from elderly homeowners in a similar reverse mortgage scam. Even while awaiting trial, prosecutors alleged Diamond continued to bilk seniors, leading to his re-arrest in 2023. His co-conspirators have also pleaded guilty and await sentencing.

    The victims were left financially devastated, with one case involving an elderly woman who lost $762,000. Reverend Robin Hood, whose late aunt was a victim of Diamond's scheme, described him as "the perfect predator of senior citizens."