Herbert Simon

Developer who lost Block 37 found guilty of fraud, faces 230 years in prison

Developer who lost Block 37 found guilty of fraud, faces 230 years in prison

A Chicago developer whose firm counts Block 37, a downtown Target store and Streets of Woodfield among its projects faces up to 230 years in prison after a jury found him guilty Wednesday of bank fraud, mail fraud and making false statements to a financial institution.

Larry Freed, 53, was charged in 2013 with federal fraud charges related to a $105 million line of credit he received on properties in Chicago and the suburbs, according to prosecutors and court records.

"This crime began because he had a large financial empire and was overextended at a time when the real estate market was crashing," Renato Mariotti, lead prosecutor on the case for the U.S. attorney's...

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