Man charged in home repair and reverse mortgage loan fraud scheme

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Following complaints by consumers, and a series of WGN reports, a local contractor is now charged with a series of schemes that the U.S. Attorney's office says totaled nearly ten million dollars.

Bond was denied today for Mark Diamond who was in court for his arraignment Tuesday

He is charged in a wide ranging home repair and reverse mortgage fraud scheme that targeted elderly people on the West Side.

Prosecutors say he lured his victims with fake promises of free home repairs through non-existent government programs.

They charge he got the money while shoddy or no work was done on homes, with some victims losing their homes to foreclosure.

Also charged with the scam is Cynthia Wallace, a former employee of Diamond who is co-operating with investigators.

There are additional co-schemers who have not been charged yet.

Diamond is due back in court Thursday and remains at the Metropolitan Correctional Center.