A Rochester man has been sentenced to two and a half years in prison, to be followed by three years of supervised release, for six counts of wire fraud resulting from a mortgage fraud scheme.
According to the Asst. US Attorney prosecuting the case of 48 year old Christopher Schaller, Schaller used his extensive knowledge of the mortgage industry and the trust placed in him by his employer, Diamond Residential Mortgage Corporation, as the manager of its Springfield, office, to defraud others and to benefit himself.
Schaller was ordered to pay over $61,000 in restitution. Judge Sue Myerscough ordered that $32,811 in restitution be made payable to the Veterans Administration, with the rest owed to Diamond.
Previously, the Illinois Department of Financial and Professional Regulation (IDFPR) had revoked Schaller’s mortgage loan originator license and fined him $128,000. In a related matter.
Schaller was indicted in September 2019 and pleaded guilty in August 2020. After initially being placed on bond, Schaller’s bond was revoked, and he has been in the custody of the U.S. Marshal since June 10, 2021.