Evergreen Reporter

A Chicago real estate broker, Stanislav Sannikov, known as "Steve Sannikov," has been sentenced to more than four years in prison following his involvement in a fraud scheme that deceived investors of over $3 million. Sannikov owned and operated the Chestnut Realty Group, a Chicago-based real estate company, where he misled investors by falsely claiming certain properties were available for purchase.

From 2016 to 2020, Sannikov assured investors he could negotiate property purchases on their behalf and promised substantial profits from the resale or lease of these properties. However, the properties were neither available for sale nor lease. Sannikov instructed investors to deposit earnest money into an account he falsely described as an escrow account maintained by Chestnut Realty, though Chestnut Realty was not licensed to act as an escrow agent.

This account was revealed to be a checking account controlled by Sannikov, who used the funds to support his own luxurious lifestyle. As a result, one victim, now in his 70s, is delaying retirement to recover from the financial loss.

Sannikov, 42, from Chicago, accepted a federal wire fraud charge. He was sentenced last February by U.S. District Judge Joan Humphrey Lefkow to four years and two months in prison and was ordered to pay $2.19 million in restitution to the victims.

The sentencing announcement was made by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, alongside Douglas S. DePodesta, Special Agent-in-Charge of the FBI Chicago Field Office.

Assistant U.S. Attorney Sheri H. Mecklenburg highlighted the severity of Sannikov's actions, stating, "This was not a one-time lapse in judgment. Defendant, over the course of at least four years, designed and engaged in a calculated, sustained, multi-faceted scheme to defraud multiple individuals."