As seen on...
Investors nationwide say they lost money in alleged housing scheme involving vacant Chicago homes
By: Jason Knowles
Chicago
Investors said they lost money in an alleged housing scheme involving vacant Chicago homes and Selective Real Estate Investments' Steeve Raymond.
CHICAGO (WLS) -- People across the county say they've been ripped off in an alleged housing scheme.
Vacant and boarded-up homes in Chicago neighborhoods have been offered up as "investments." The ABC7 I-Team is investigating lawsuits filed by several people who say they lost money after giving one man large sums of money to rehab the homes.
An alderperson is also upset about the vacant homes, which are an eyesore on area neighborhoods.
They are boarded-up, dilapidated homes on the city's South Side.
"It hurts the neighborhood, because people who live here think that something nice is going to happen in the neighborhood," attorney Ana McNamara said.
Four homes, which are supposed to be rehabbed, are now at the center of several lawsuits filed by eight investors from all over the country.
"I need that money very badly," said Arash Motedaeiny of northern Virginia. "I mean, you know, I'm married with two kids providing for my family and it's putting me in debt... So it's devastated my life."
They say they've lost thousands investing in the Chicago homes with Steeve Raymond. He is the CEO of an Illinois-based company, Selective Real Estate Investments.
"But when you're ghosted like this... it's unsettling," said Kathy Bradshaw of Ohio. "I'm angry. I'm upset."
The investors are represented by Ana McNamara with McNamara Law Office, Ltd.
"And it started with one or two phone calls and then it steamrolls into numerous," McNamara said.
Raymond can be seen in YouTube videos in an announced recorded Zoom call from January of 2024.
"I am a licensed general contractor that is one main reasons of my success is I can control you know not only the purchases but the rehab of the property," Raymond said in a video.
The videos are cited in another one of one of McNamara's lawsuits representing a ninth investor. She says it shows how he pitches his business to potential investors.
"I do business in four different markets, and 90% of my business is Chicago simply because there is a huge upside to investing in Chicago," Raymond said in a video.
The lawsuits from investors allege that Raymond solicited these investors to loan money for the rehab of his boarded-up properties, and that investors would get 30% to 33% in interest payments from Raymond upfront.
"And at the end of the six months, they would get all their principal back," McNamara explained.
But the consumers say they've all been waiting at least a year for those returns of the initial investment, and that interest payments have stopped.
Ana McNamara is an attorney at McNamara Legal in Chicago, IL and has been known for fighting for her clients rights for over 20 years. Her reputation for winning cases is impeccable. McNamara Legal works on a variety of cases and will fight to protect your rights to ensure justice is served. Contact McNamara Legal for a free consultation to discuss your case.
