Former Real Estate Exec Admits To Investment Scam

Law360, Chicago (September 4, 2012, 6:16 PM EDT) -- A former real estate investment businessman pled guilty Tuesday to taking part in a fraud scheme that prosecutors say caused hundreds of investors to lose roughly $14 million.

Michael Morawski, 54, pled guilty to two counts of mail fraud before U.S. District Judge Gary Feinerman of the Northern District of Illinois, under a plea agreement in which he admitted to hatching and participating in a fraud scheme with business partner Frank Constant using their real estate investment company Michael Franks LLC.

According to the plea agreement,...
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