CHICAGO — A suburban Chicago man who conspired with two other people to sell millions in phony mortgages was sentenced to 11 years in federal prison.
ALBERT ROSSINI was sentenced in U.S. District Court, Chicago, Tuesday. The jury in 2018 found Rossini, 73, from Skokie guilty of multiple counts of wire fraud and mail fraud.
The sentence was announced by John R. Lausch Jr., United States Attorney in the Northern District of Illinois; Emmerson BUIE, Jr. Special Agent-in Charge of the Chicago Field Office of FBI; William Hedrick Inspector-in–Charge of U.S. Postal Inspection Service, Chicago; Michael Powell Special Agent-in Charge of the U.S. Department of Housing and Urban Development Office of Inspection General in Chicago; and Thomas J. Dart, Cook County Sheriff. John D., Assistant U.S. attorney represents the government. Mitchell.
The evidence at trial showed that Rossini conspired with father-and son co-defendants BABAJAN KHOSHABE (of Chicago) and ANTHONY KHOSHABE (of Skokie) to fraudulently induce more then a dozen victims to purchase purported mortgage notes on apartment blocks in foreclosure or close by. They falsely claimed that investors would be given title to the properties after the foreclosure process was over. The defendants didn’t actually own the mortgage notes. Instead, victims’ funds were misappropriated to make Ponzi-type payments for some investors.
The victims gave more than $7million in investment money to Rossini, who fraudulently took more than $2.5million.
A separate federal jury in 2019 found the Khoshabes guilty of their involvement in the scheme. They await sentencing.
A fourth defendant, Chicago attorney THOMAS MURPHY claimed that he was able to confirm the sale of mortgage notes using a phony “Guaranty agreement” he created and presented to Rossini for the victims. Murphy pleaded guilty to his part in the scheme. He is currently awaiting sentencing.
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