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Two top executives of prominent Chicago real estate company indicted

Updated: December 12, 2013 8:54PM

The president and vice president of a prominent Chicago real estate company best known for developing Block 37 in the Loop were indicted Thursday on charges related to the redevelopment of the old Goldblatt’s department store in Uptown, federal authorities said.

Laurance H. Freed and Caroline Walters of Joseph Freed and Associates were accused of lying about and concealing unpaid property taxes, double-pledging financing notes issued by the city of Chicago and the company’s default on those notes — all so the company could get extensions of credit when the company was allegedly having serious financial problems.

Freed, 51, of Chicago, and Walters, 53, of Palatine, were each charged with bank fraud, mail fraud and making false statements to banks in a 14-count indictment. The indictment also seeks a forfeiture of nearly $3 million.

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