2 men accused in $2M realty fraud scheme

February 10, 2011 3:51:34 PM PST
Two men who run a Chicago real estate company are accused of defrauding more than 250 condo owners out of $2 million.

Sixty-three-year-old Donald Doering of Wilmette and 75-year-old Jay Strauss of Arizona were indicted Wednesday. They ran Regent Realty Group.

The money was supposed to be used to maintain the condo properties.

Prosecutors say the men used it to pay off personal debts.