Hinsdale Man Sues Defunct Bank Over Allegedly Fraudulent Minooka Land Deal

By SCOTT VIAU (Patch Staff)

A Hinsdale CPA has filed a lawsuit claiming he was defrauded by directors of a now defunct bank after they gave him a loan for a piece of land near Minooka they claimed was 65 percent of the property value, but was actually more than the actual cost of the land paid by the bank.

The Cook County Record reports Hinsdale CPA John L. Beata bought a plot of land for $3 million. Beata then learned the same land was sold the same day to a New City Bank director for $1.7 million.

Beata said the bank gave an appraised land value of $2,865,000 and gave Beata a loan for $1,859,000.

Beata paid off the loan in full, along with fees and property taxes, and now accuses the former bank’s directors of fraud for allegedly telling him the loan they approved represented just 65 percent of the property’s value, even though it exceeded what their own director, developer Jack Zausa, had just paid for it.

More via the Cook County Record...