March 3, 2009

Chicago developer indicted

One-time high-flying Chicago developer Robert Falor is facing theft charges in Ohio stemming from an alleged development project scam, officials said.

Falor, 41, who also had condominium and hotel projects in South Florida before sustaining financial setbacks, was indicted in Ohio for an alleged scam involving a Chicago project, The Miami Herald reported Tuesday.

Michael Voll of Cuyahoga County, where Cleveland is located, alleges he paid Falor $400,000 for a stake in the conversion of the Hyatt Printers Row hotel into a condo-hotel.

Prosecutors now allege Falor had no ownership in the Hyatt project at the time he took Voll's money and spent it elsewhere.

Falor, who is to be arraigned March 12, could not be reached for comment, the Herald said.

Falor's brother, Chris, told the Herald by e-mail Monday the Hyatt deal was under contract at the time of the alleged theft.

''This matter will be resolved upon the proper facts being disclosed and reviewed,'' he said in the message.