205 monthsthe sentence for a Chicago contractor's reverse mortgage scheme
A Chicago contractor was sentenced to 205 months, just over 17 years, after prosecutors said his scheme defrauded more than 100 elderly homeowners out of at least $7 million using reverse mortgages.
He told homeowners a reverse mortgage was necessary to pay for repairs, then pocketed the loan proceeds and, in most cases, never substantively performed the work, according to the sentencing court.
Source: Chicago Sun-Times. Read more: reverse mortgage scam · case file