The former executive director of a Chicago-area nonprofit has been indicted on federal fraud charges for allegedly embezzling millions of dollars in cash and real estate, the U.S. Attorney’s Office, Northern District of Illinois announced today.
According to an indictment, William Schneider, 54, of Antioch, Ill., led a nonprofit that developed affordable housing for low-income residents and senior citizens in the Chicago area and Florida.
From 2018 to 2022, Schneider fraudulently transferred cash and real estate interests to himself, fabricating documents to make it appear the transfers were authorized, the indictment states.
According to the indictment, the stolen real estate included rights to a rooftop at a senior living facility in Northlake, Ill., used as a cell phone tower location.
In early 2022, Schneider allegedly transferred the nonprofit’s interest in the tower lease to a company he owned, receiving no payment or consideration.
Shortly after, he sold the rights to a third-party real estate firm for approximately $500,000, the indictment said.