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hicago’s South Side is at the center of a growing controversy involving boarded‑up homes marketed as investment opportunities. Several investors claim they were misled by Steeve Raymond, CEO of Selective Real Estate Investments, and have since filed lawsuits after losing thousands of dollars.
The alleged scheme began when Raymond approached potential backers with promises of 30‑33% interest and a full return of principal after six months. Investors, many from outside Illinois, were told the properties would be renovated and sold, generating quick profits. However, the promised returns have not materialized. “I need that money badly,” said Arash Motedaeiny of Virginia, who now faces debt and family hardship. Kathy Bradshaw of Ohio expressed anger at being “ghosted,” while Belinda Rowe of South Carolina lamented the loss of savings that could have funded her retirement.
Ana McNamara, representing eight investors, argues that Raymond’s marketing videos—posted on YouTube and recorded Zoom calls—peddled a false narrative. In one clip, Raymond claims to be a licensed general contractor who can control every aspect of the rehab process, touting Chicago as a lucrative market. McNamara’s lawsuit alleges that the investor’s interest payments were actually drawn from new investors’ capital, a classic Ponzi structure. She estimates Raymond owes between $75,000 and $550,000 in principal, interest, and legal fees.
The legal filings also highlight the impact on local communities. Alderman William Hall, representing the 6th Ward, condemned the abandoned properties as a “distressful, stressful” sight for neighbors. “No neighbor should have to wake up to an abandonment that they could have possibly bought,” Hall said. Residents in East Woodlawn, where two of the disputed homes sit, have reported squatters and a decline in neighborhood pride.
Raymond’s attorney has denied any wrongdoing, labeling the accusations as “foreclosure actions” and “without merit.” He claims the properties are nearing completion and will soon be listed for sale, with loans to be repaid as soon as possible. No formal court response from Raymond has yet been filed.
ABC7 Chicago’s I‑Team has been following the case, noting that the lawsuits involve investors from across the country, including Virginia, Ohio, South Carolina, Indiana, North Carolina, and California. The investors’ stories paint a picture of financial loss and emotional distress. “This is a huge loss,” said Ammon Jensen of Washington, describing the anxiety of empty wallets.
The broader issue underscores the importance of due diligence before investing. When returns sound too good to be true, they often are. The city’s vacant, boarded‑up homes, once seen as potential revitalization projects, now serve as a cautionary tale for investors and residents alike.
