Vision on State Condo Fraud: Developer Warren Barr III, Lawyer Robert Lattas and Four Others Convicted

Case from 2014–2023 (U.S. Attorney's Office release: May 19, 2014; 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.

A South Loop condominium developer, two attorneys and three others were indicted in May 2014 on charges that they caused buyers to obtain about 60 mortgages, worth about $22.8 million, to buy units at Vision on State, a 250-unit building at 1255 S. State St. in Chicago, the U.S. Attorney's Office for the Northern District of Illinois announced [1].

Outcome: All six later pleaded guilty, according to the court docket [2]. Developer Warren N. Barr III, who was living in Saudi Arabia when he was charged, was sentenced in early 2019 to 87 months in prison. The Seventh Circuit affirmed on May 26, 2020 [3].

How the scheme worked

According to the indictment, as summarized by prosecutors [1], and the Seventh Circuit [3]:

1. Stalled sales: 13th & State LLC financed the building with a $55.7 million loan in 2005. Sales ground to a halt by March 2007.
2. Inflated prices and "the spread": From March 2007 to July 2012, Barr, attorney Robert Lattas and CFO James Carroll set minimum prices for units and sold them at inflated prices. The difference went to recruiters Asif Aslam, Leonardo Sanders and others, who signed up buyers with undisclosed incentives.
3. Hidden down payments: Loan applications, contracts and HUD-1 statements misstated buyers' incomes, assets and plans to live in the units. They also hid that 13th & State was supplying the buyers' down payments, so buyers had little or no equity.
4. Barr's own unit: Barr bought a unit himself. His loan application claimed two bank accounts holding over $70,000 and no lawsuits, and said none of his down payment was borrowed. The appeals court said his accounts held about $4,000 combined, he was a party to several lawsuits, and 13th & State lent him the entire down payment.

Lenders named in the indictment included AmTrust Bank, Bank of America, First Tennessee Bank, JPMorgan Chase and Wells Fargo.

The people convicted

Outcomes are from the court docket [2] unless noted.

• Warren N. Barr III, 62 at indictment, Riverside — developer and member of 13th & State. He was arrested in Saudi Arabia over unrelated unpaid debts and returned to the U.S. in February 2015. He pleaded guilty in June 2016 to one count of making a false statement to a lender. His motions to withdraw the plea and dismiss the indictment were denied, and he was sentenced to 87 months, below a guidelines range of 121 to 151 months. Affirmed May 26, 2020 [3].
• Robert D. Lattas, 37 at indictment, Oak Brook — attorney for 13th & State at closings. He pleaded guilty in February 2016 to one count of bank fraud and was sentenced Oct. 2, 2018, to 63 months. The term runs concurrently with his sentence in a separate N.D. Ill. mortgage fraud case, No. 13 CR 463.
• James J. Carroll, 63 at indictment, Naperville — CFO and member of 13th & State. He pleaded guilty in February 2016 and was sentenced Sept. 9, 2022, to 41 months.
• Leonardo V. Sanders, 51 at indictment, Chicago — buyer recruiter. He pleaded guilty in June 2016 and was sentenced Nov. 30, 2017, to 28 months.
• Asif A. Aslam, 43 at indictment, Irvine, Calif. — buyer recruiter. He pleaded guilty in October 2016 and was sentenced Nov. 4, 2020, to one day, time served.
• Jeffrey J. Budzik, 37 at indictment, Miami Beach — attorney for buyers. He pleaded guilty in September 2015 and was sentenced July 25, 2023, to time served and six months of supervised release.

Red flags

• Sellers offering to cover your down payment "off the books," or cash back at closing.
• Recruiters paying you to buy a unit you'll rent out.
• A closing where the price on the contract differs from what you were told.

What to do if you're targeted

1. Never sign loan papers with false income, asset, occupancy or down payment information. Buyers in these schemes can face prosecution and foreclosure.
2. Use your own lawyer and lender, not ones the developer supplies.
3. Report mortgage fraud to the FBI at tips.fbi.gov or the FHFA Office of Inspector General hotline.

Case status (as of Oct. 16, 2026)

Defendant	Court	Status as of Oct. 16, 2026	Source
Warren N. Barr III	N.D. Ill., 14 CR 287; 7th Cir. No. 19-1238	Pleaded guilty June 2016; sentenced early 2019 to 87 months; affirmed May 26, 2020	[2], [3]
Robert D. Lattas	N.D. Ill., 14 CR 287	Pleaded guilty Feb. 2016; sentenced Oct. 2, 2018, to 63 months (concurrent with 13 CR 463)	[2]
James J. Carroll	N.D. Ill., 14 CR 287	Pleaded guilty Feb. 2016; sentenced Sept. 9, 2022, to 41 months	[2]
Leonardo V. Sanders	N.D. Ill., 14 CR 287	Pleaded guilty June 2016; sentenced Nov. 30, 2017, to 28 months	[2]
Asif A. Aslam	N.D. Ill., 14 CR 287	Pleaded guilty Oct. 2016; sentenced Nov. 4, 2020, to one day, time served	[2]
Jeffrey J. Budzik	N.D. Ill., 14 CR 287	Pleaded guilty Sept. 2015; sentenced July 25, 2023, to time served	[2]

Sources

1. U.S. Attorney's Office, Northern District of Illinois, "South Loop Condo Developer And Two Attorneys Among Six Defendants Indicted In $22.8 Million Mortgage Fraud Scheme," May 19, 2014. https://www.justice.gov/usao-ndil/pr/south-loop-condo-developer-and-two-attorneys-among-six-defendants-indicted-228-million
2. CourtListener (RECAP), docket for United States v. Barr III, No. 1:14-cr-00287 (N.D. Ill.). https://www.courtlistener.com/docket/6058429/united-states-v-barr-iii/
3. U.S. Court of Appeals for the Seventh Circuit, United States v. Warren N. Barr, III, No. 19-1238, May 26, 2020. https://exa.ai/library/legal/opinion/7wv9h077r29

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