Palatine Condo Developers Vince Manglardi and T.J. Wojtas Convicted in $16 Million 'Woods at Countryside' Mortgage Fraud

Case from 2015–2020 (U.S. Attorney's Office release: July 2, 2015; later developments are from court records and other sources cited below). Published on Scammers.com Oct. 16, 2026; case status is current as of that date.

Six people, including two suburban developers and an attorney, were indicted in July 2015 in a mortgage fraud scheme tied to condo sales at The Woods at Countryside, a 50-acre development in Palatine, that prosecutors said caused more than $16 million in losses to banks, lenders, Fannie Mae and Freddie Mac [1].

Outcome: All six were convicted. Developer Vince Manglardi pleaded guilty to wire fraud and was sentenced to 24 months. A jury convicted developer Theodore "T.J." Wojtas Jr., attorney David W. Belconis and former real estate salesperson Karin L. Ganser in 2017; Wojtas received 66 months and Belconis one day in prison, according to a 2020 Seventh Circuit order that affirmed both men's cases [2]. Nunzio L. Grieco and Walter Vali entered plea agreements, according to the court docket [3].

How the scheme worked

As the Seventh Circuit described the trial record [2]:

1. The pressure: Manglardi and Wojtas borrowed about $70 million to buy an apartment complex for conversion to condos. Their lender required them to hit sales benchmarks, and units weren't selling fast enough.
2. The fake fund: They told potential buyers that a "$100 million fund" wanted to assemble interests in the units, and that buyers only had to pretend to buy, telling a bank they had made a substantial down payment, would live in the unit and would make the mortgage payments.
3. The promises: The "fund" would cover or refund the down payment, pay three years of mortgage payments, and then buy the unit back at a profit. The fund was fiction; payments were skimmed from the loan proceeds, and the developers kept the rest.
4. The losses: Banks lost money when it became clear buyers had made no down payments, didn't live in the units and had no intention of paying, and the units weren't worth enough to cover the loans.

The 2015 indictment also alleged the developers marketed the condos on air, online, in writing and at live presentations as a path to "financial independence and wealth," with down-payment refunds and up to three years of mortgage, maintenance and tax payments [1].

The people charged

• Vince Manglardi, 59 when indicted, Long Grove — developer. Pleaded guilty to wire fraud; sentenced to 24 months [2].
• Theodore "T.J." Wojtas Jr., 43 when indicted, Glenview — developer. Convicted by a jury; sentenced to 66 months, below the guidelines range of 108 to 135 months; sentence affirmed May 27, 2020 [2].
• David W. Belconis, 56 when indicted, Long Grove — attorney who represented buyers at closings. Convicted by a jury on several counts; the jury could not agree on five other counts, which prosecutors dismissed. Sentenced to one day in prison; convictions affirmed May 27, 2020 [2].
• Karin L. Ganser, 62 when indicted, Palatine — former licensed real estate salesperson. Convicted by a jury; did not appeal [2]. We did not find her sentence in public sources.
• Nunzio L. Grieco, 63 when indicted, Palatine — former employee of the developers. Entered a plea agreement in August 2017, per the docket [3]; sentence not found.
• Walter Vali, 62 when indicted, Mundelein — former mortgage loan originator. Entered a plea agreement in July 2015; a judgment and commitment was issued in January 2019, per the docket [3]; sentence length not found.

The case was heard by U.S. District Judge Manish S. Shah.

Red flags

• "Buy a condo with no money down and we'll pay your mortgage" pitches.
• Being told to tell the bank you made a down payment or will live in a unit when you won't.
• A mystery fund that will buy your unit back at a profit.

What to do if you're targeted

1. Never sign a loan application with false statements; the borrower is liable for the debt and can be prosecuted.
2. Report mortgage fraud to the FBI at tips.fbi.gov and to FHFA-OIG at fhfaoig.gov.

Case status (as of Oct. 16, 2026)

Defendant	Court	Status as of Oct. 16, 2026	Source
Vince Manglardi	N.D. Ill. (Judge Shah), 15 CR 399	Pleaded guilty to wire fraud; sentenced to 24 months	[2]
Theodore J. Wojtas Jr.	N.D. Ill.; 7th Cir. Nos. 18-2737/18-3348	Convicted at trial 2017; sentenced to 66 months; affirmed May 27, 2020	[2]
David W. Belconis	N.D. Ill.; 7th Cir.	Convicted at trial 2017 on several counts (5 hung counts dismissed); sentenced to 1 day; affirmed May 27, 2020	[2]
Karin L. Ganser	N.D. Ill.	Convicted at trial 2017; did not appeal; sentence not found	[2]
Nunzio L. Grieco	N.D. Ill.	Plea agreement Aug. 2017; sentence not found	[3]
Walter Vali	N.D. Ill.	Plea agreement July 2015; judgment issued Jan. 2019; sentence length not found	[3]

Sources

1. U.S. Attorney's Office, Northern District of Illinois, "Two Suburban Developers And An Attorney Among Six Defendants Charged With Mortgage Fraud," July 2, 2015. https://www.justice.gov/usao-ndil/pr/two-suburban-developers-and-attorney-among-six-defendants-charged-mortgage-fraud
2. U.S. Court of Appeals for the Seventh Circuit, United States v. Theodore J. Wojtas Jr. and David W. Belconis, Nos. 18-2737 & 18-3348, May 27, 2020 (nonprecedential order). https://exa.ai/library/legal/opinion/ryz86jn5lny
3. CourtListener, United States v. Manglardi, No. 1:15-cr-00399 (N.D. Ill.), docket. https://www.courtlistener.com/docket/4507552/united-states-v-manglardi/

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