An attorney out of Chicago and national radio show host for the Radio One Network has been indicted after being accused of defrauding lenders out of more than $10 million. The indictment has been announced by the US Attorney’s Office, where Ballentine is being accused of working with others to secure mortgages that were later deemed to be fraudulent.
The indictment includes six counts, including bank and wire fraud. Each count comes with a maximum prison term of 30 years. He could also be fined up to $10 million dollars on every count. He is set to be arraigned on February 5.
Prosecutors claim that Ballentine owns a law firm in suburban Country Club Hills, but he lives in Durham, North Carolina right now.
Dr. Boyce Watkins, a Finance Professor who has appeared on Ballentine’s show, says that people shouldn’t judge until the evidence is presented.
“Mortgage fraud is a complex issue where anyone going through documents with fine tooth comb can come up with something that you might have done illegally. I think people should wait until the evidence comes out before passing judgment,” said Watkins.
Watkins also admits that with Ballentine’s strong financial activism in the black community, there are a lot of reasons that federal prosecutors might want to see him go away.
“I don’t presume to know if Warren is guilty or innocent, but I do know that the city of Chicago is about as corrupt as they come, so anything is possible in this situation,” he said. ”I’ve seen a lot of people get into serious trouble for less-than serious offenses.”