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Wheaton resident indicted for home construction scheme

Wheaton, IL

A Wheaton resident and a Waukegan resident were recently indicted for their role in a construction scheme that allegedly bilked investors out of over $800,000.

Ronald Moore, 57, 913 E. Elm St., Wheaton, allegedly talked individuals into putting down $1,500 each for construction loans for a “green” home in their name. Richard Osty, 71, of 10 N. Sheridan St., Waukegan, allegedly told investors they could make a 10.25 percent profit.

An investigation later revealed that Osty took no steps to return the investment, such as buying plots of land or working with an organization to find home buyers. Osty also didn’t have any contracts regarding “green” homes, according to a statement released by the DuPage County State’s Attorney.

Osty faces one count of theft of over $500,000, one count of theft over $100,000, 11 counts of theft over $10,000, 68 counts of theft over $500 and 41 counts of securities fraud. For Moore’s alleged part in the scheme, he’s facing 18 counts of securities fraud for allegedly selling securities associated with the scheme without being registered.

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