CHICAGO — A Chicago real estate broker who used a fraud scheme to bilk at least four investors out of more than $3 million was sentenced to four years in federal prison and has been ordered to pay over $2 million in remaining restitution to his victims.
The U.S. Attorney’s Office for the Northern District of Illinois announced Wednesday the sentencing for 42-year-old Stanislav Sannikov — also known as “Steve” Sannikov — who owned and operated Chestnut Realty Group in Chicago.
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According to prosecutors, from 2016 to 2020, Sannikov fraudulently claimed to investors that certain properties were for sale and that he could negotiate the purchase on their behalf. Sannikov further claimed that the properties could be re-sold or leased for a substantial profit.
However, prosecutors say Sannikov knew the properties were not available for sale or lease, but he still induced the victim investors to deposit money into what he told them was an escrow account maintained by Chestnut Realty…