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Lack of specifics dooms $25M racketeering lawsuit vs some defendants over hotel appraisal scheme

DM Herra Oct. 4, 2017, 4:06pm

A Chicago federal judge has dismissed racketeering charges against a handful of defendants accused in a wide-ranging $25-million lawsuit of swindling commercial real estate investors by inflating the appraisals of hotel and motel properties, offering loans to investors based on the exaggerated appraisal, and, when the hotel or motel failed, seizing the property to sell at “extortionate prices.”