Davis said that Diamond’s scheme “defrauded more than 100 elderly and vulnerable homeowners, preying upon their trust and devastating them financially.” She added that his sentencing “is a sobering reminder of the unique harm caused by predatory reverse mortgage schemes. These egregious criminal acts will not be tolerated, and my agency will continue to work with our law enforcement partners to hold other individuals like Diamond accountable for their actions.”
DePodesta said that the scheme “preyed on some of the most vulnerable Chicagoans,” with Raoul adding that the victims’ only mistake “was trusting an individual who specifically targeted them to be victims of his scam.“
Alongside Diamond, four co-conspirators — two loan originators, an employee of Diamond’s and a title agency owner — “previously pleaded guilty and admitted their roles in the fraud,” and “are awaiting sentencing,” according to the DOJ’s announcement.
At his sentencing hearing, Diamond addressed the court, according to local reporting by WGN TV.
“If I could turn back the hands of time and change it, I would,” he reportedly said. “But I can’t. All I can say is, ‘I’m sorry.’”
