Aurora Man Convicted For Bank Fraud

The U.S. Attorney Office of Northern Illinois announced on Friday that two local men were convicted of bank fraud charges. The two men were Kevin LeBeau, a 55-year-old man from Aurora, and Brian Bodie, 66, of Chicago.

According to prosecutors, the two businessmen took out a $1.9 million mortgage on a 10.4-acre property in Aurora in 2004. They soon failed to make payment and fabricated statements about plans to develop the property to avoid foreclosure.

LeBeau and Bodie convinced several investors to give them money for a mixed-used development that would never materialize. One couple lost $450,000, and an elderly couple was out $300,000 after the property was foreclosed in 2010.

According to the Beacon News, the pair wanted to put up to 260 condos on the property at 5 S. 947 Deerpath Road.

Defense attorney Gerald J. Collins, who represented LeBeau, said he was disappointed in the verdict.

"They firmly believed they were going to make it work, or at least be able to sell the property for a developer who would put the structures up," Collins told the Beacon News.

LeBeau faces seven counts of fraud and lying to a federally insured bank. Bodie faces six counts. Each count carries a maximum sentence of 30 years. Their sentencing hearing has not been scheduled.

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