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Real estate investor charged with fraud in Chicago

  • Associated Press
  • May 2, 2014 - 3:45 PM

CHICAGO — A grand jury has indicted a former Chicago-area real estate investor with defrauding more than 50 people out of around $10 million.

In a Friday statement, the U.S. attorney's office in Chicago announced the charges against 35-year-old Matthew Stoen, of Wayzata, Minnesota. As one of the founders of Stone Rose, LP, he previously lived in Chicago and St. Charles, Illinois.

The federal indictment accuses Stoen of misrepresenting his financial status to investors and lenders, including by falsely claiming he was the beneficiary of a trust fund. Most of the investors lived in around Chicago.

Stoen is charged with multiple counts mail and wire fraud. Each carries a maximum 20-year prison sentence.

Stoen's court docket didn't include a defense attorney's name. And there's no public telephone listing for him in Wayzata.

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