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Chicago real estate broker's four-year scheme to swindle investors out of millions has come to a close, with a federal prison sentence and hefty restitution order. Stanislav "Steve" Sannikov, 42, who ran Chestnut Realty Group, was sentenced to four years and two months behind bars for orchestrating fake investment deals involving non-existent properties.

    Between 2016 and 2020, Sannikov convinced investors that he could facilitate the purchase of certain real estate properties, claiming they were available for sale or lease at a profit. However, these properties never existed, and the entire deal was fabricated. To gain trust, Sannikov instructed victims to deposit earnest money into an escrow account maintained by his firm, but this account was not regulated, and Chestnut Realty wasn't licensed to act as an escrow agent.

    The funds instead went directly into Sannikov's personal checking account, which he used to finance a lavish lifestyle. One victim, now in his 70s, was forced to postpone retirement after losing a significant portion of his savings. Prosecutors described the scheme as "calculated and sustained," with Sannikov using multiple tactics to defraud victims over four years.

    Sannikov has been ordered to repay $2.19 million to four victims, a fraction of the estimated losses incurred by those who fell prey to his scam. As he begins his prison sentence, the full extent of the damage caused by Sannikov's actions remains unclear, but one thing is certain: his victims will never fully recover from the financial and emotional toll of this real estate swindle.