Posted Online: Nov. 14, 2012, 8:30 am
2 brothers get prison time for bilking elderly
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CHICAGO (AP) — Two brothers who bilked elderly Chicago residents out of more than $750,000 in home equity are each going to federal prison for 14 years.
U.S. District Judge Ruben Castillo sentenced 46-year-old Daniel Sullivan of Niles and 50-year-old John Sullivan of Surprise, Ariz., on Tuesday. They were convicted last fall.
Prosecutors say the brothers convinced more than 50 elderly homeowners to refinance their homes to pay for expensive repairs that were never completed. They also engaged in investment and mortgage fraud and deception involving millions of dollars.
Authorities say one woman killed herself after John Sullivan claimed to have a romantic interest in her and then defrauded her mother of her life's savings of almost $600,000.
The Sullivans also must each pay $711,000 in restitution and forfeit $749,000.