A former executive director of a nonprofit organization in the Chicago area has been charged with federal fraud for allegedly embezzling millions from the organization. William Schneider, who served as the executive director, is accused of transferring cash and real estate interests to himself from 2018 to 2022. The nonprofit was focused on developing affordable housing for low-income residents and senior citizens in Chicago and Florida.
According to an indictment returned Tuesday in U.S. District Court in Chicago, Schneider fabricated documents to make it appear that these transfers were authorized. Among the real estate interests was a cell phone tower lease on a senior living facility's roof in Northlake, Illinois. In early 2022, Schneider allegedly assigned this interest to his own company without compensation and later sold it for approximately $500,000.
The charges also claim that Schneider received kickbacks or bribes from firms involved with the nonprofit’s projects in Illinois and Florida. Additionally, he is alleged to have attempted to take financial control of a senior living facility in Calumet Park, Illinois.
Schneider faces five counts of wire fraud and two counts of mail fraud. His arraignment has yet to be scheduled.
The announcement was made by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, alongside Douglas S. DePodesta, Special Agent-in-Charge of the FBI's Chicago Field Office. Assistant U.S. Attorney Corey B. Rubenstein will represent the government.
Each charge carries a potential sentence of up to 20 years in federal prison. It is important to note that an indictment is not evidence of guilt; Schneider is presumed innocent until proven guilty beyond a reasonable doubt at trial.