IDFPR Issues Lifetime Ban Against License of Alleged Ringleader in Multi-Layered Mortgage Fraud Scheme

CHICAGO –  The Illinois Department of Financial and Professional Regulation’s (IDFPR) Division of Banking has issued a lifetime ban against the loan originator license of Paul L. Shelton of Hinsdale.

Mr. Shelton served as the alleged ringleader in a multi-layered mortgage fraud scheme involving at least nine real estate and mortgage professionals who allegedly defrauded at least three unsuspecting Chicago-area homeowners.

In a consent order executed this month, Mr. Shelton agreed to a lifetime ban, meaning that he will “never apply for an Illinois Mortgage Loan Originator License or equivalent credential” with IDFPR.

A copy of the order is available by clicking here.