Corporate & Securities Law

A federal grand jury in Rockford, Illinois recently returned an indictment charging Francis Sanchez of Woodstock, Illinois and James Bourassa of Gilberts, Illinois of defrauding investors out of more than $7,000,000.

Sanchez and Bourassa allegedly operated a business known as InvestForClosures.Com (d/b/a InvestForClosures Financial, LLC), which was allegedly in the business of purchasing, rehabilitating, and selling distressed houses or a profit. 

According to the indictment, Sanchez and Bourassa solicited people to invest in these businesses based on various representations, including that their money was backed by real estate, the majority of the investors funds would be used to purchase real estate, and that the business had never failed to make an interest payment.  Contrary to these representations, most of the investor funds were used to pay salaries to the defendants and interest to prior investors. 

Furthermore, Sanchez and Bourassa marketed a new business known as InvestForClosures Ventures, LLC (d/b/a Realty Opportunities International), which purportedly operated a real estate project in Mexico known as ?Sands of Gold?.  This project was allegedly marketed as an exclusive, luxury community which Sanchez and Bourassa misrepresented to investors that the Mexican government had supported with financing.

Eccleston Law represents individual and institutional investors to recover their investment losses caused by securities and investment fraud. Our attorneys also help victims of Ponzi schemes pursue recovery by submitting claims with receiverships established by the SEC or by assisting victims with the filing of a Theft Loss Tax Deduction with the IRS.

If you have lost money investing with Francis Sanchez and James Bourassa, or in any of the above named entities, you may be eligible for an immediate theft loss tax deduction.  Under a new IRS safe harbor rule, you may be eligible for an immediate theft loss tax deduction of 95% of your losses, or 75% of your losses if you pursue third-party recovery.  Please contact Jim Eccleston at the Eccleston Law Offices at 312-332-0000 for more details.