Oak Park Man Pleads Guilty to $48.8 Million Bank Fraud

Bassam Hajyousif, of Oak Park, pleaded guilty today to defrauding a bank of $48.8 million dollars for two failed condominium conversion projects in downtown Chicago.

Bassam Hajyousif, 44, of Oak Park, entered a plea of guilty today in U.S. District Court for defrauding a bank of approximately $48.8 million dollars. A co-defendant, Romel Esmail, is a fugitive and is believed to be living outside the United States. Hajyousif and Esmail were accused of defrauding CIB Bank, formerly of Hillside, for two failed condominium conversion projects in Chicago's Loop between 1999 and 2003. According to Hajyousif's guilty plea, he and Esmail used CIB Bank to lend them funds to purchase and convert two properties—at 6 N. Michigan Ave. and 59 E. Van Buren—by falsely representing their sale price, their equity in the projects, and how the loan would be used, according to a press release from the U.S. Department of …

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