Rezko for Radicals book, Kenneth J. Conner author and whistleblower in the Rezko Obama lot transactions, Qui Tam lawsuit, Mutual Bank of Harvey, Adams Valuation Corp.

Rezko for Radicals book, Kenneth J. Conner author and whistleblower in the Rezko Obama lot transactions, Qui Tam lawsuit, Mutual Bank of Harvey, Adams Valuation Corp.

“Why did Mutual Bank fire whistleblower Kenneth J Connor after he
challenged the appraisal on the land purchased by Rita Rezko, just
prior to the land sale to Obama?”…Citizen Wells

“Why did the Rezkos enter into an agreement to purchase the lot next to the Obama house and pay the asking price of $ 625,000 at a time when they were broke and heavily in debt?”…Citizen Wells

“I believe I’m more pristine on Rezko than him.”…Rod Blagojevich

Rezko for Radicals

A new book by Kenneth J. Conner

whistleblower in the Rezko Obama lot transactions

Kenneth J. Conner, whistleblower in the Rezko Obama lot transactions, is the author of a new book, “Rezko for Radicals.” The scheduled release date for the book is October 1, 2012. I am not at liberty to divulge the contents yet, but as soon as I am permitted, I will do so. At some point more information will be available here as well.

With all of the books being written about Chicago pay to play politics and corruption, why would this book be of interest? Kenneth J. Conner was there at Mutual Bank of Harvey, doing his job, asking questions about another questionable appraisal froma Adams Valuation Corp. except this time the borrower was Rita Rezko, wife of Tony Rezko. And the other party involved in these transactions was Barack Obama, an IL senator at the time. Here is why Conner’s story has credence.

  • In early 2005, the Rezkos were broke and heavily in debt.
  • In June 2005, Rita Rezko obtained a loan from Mutual Bank of Harvey in the amount of $ 500,000 for the lot next to the mansion purchased by the Obama’s at the same time.
  • The Rezkos paid the full asking price $ 625,000.
  • The sellers mandated that both properties close at the same time.
  • Rita Rezko’s salary was approx. $ 37,000.
  • Kenneth J. Conner was a real estate specialist at Mutual Bank in 2005.
  • In late 2005 to early 2006, Mr. Conner was asked to review the appraisal by Adams.
  • Mr. Conner reported to his bosses that the property was overvalued by $ 125,000 and that based on comparables  it was worth $ 500,000.
  • On November  21, 2005 Barack Obama had an appraisal of the lot done by Howard B. Richter & Associates. That appraisal was for $ 490,860.
  • The Rezkos and Obamas signed a purchase agreement on January 4, 2006 for one sixth of the lot. The Obamas paid $104,500 instead of the appraised value of $40,500.
  • Mr. Conner’s valuation was subsequently removed from the loan file.
  • On October 19, 2006 Mutual Bank received a grand jury subpoena requiring it to produce information concerning Rita Rezko’s purchase, including the bank’s files on the property.
  • On December 28, 2006 former Rezko business attorney Michael J. Sreenan purchased the Rezko lot.
  • “In 2007, Conner observed that his ARR of the 5050 S. Greenwood property was not in the Rezko 5050 Greenwood loan file and in it’s
    place was the Murphy Checklist purportedly dated “06/15/2005.”…On June 18, 2007, Conner sent an email to James Murphy which provides, in part, “I spent time trying to track down work of mine that should be in a particular high profile loan file, though it is not–having been replaced by a checklist.”
  • ” In October, 2007, Conner had various communications with Mutual Bank’s Human Resources Department representative, Lana Schlabach. In an email communication of October 15, 2007, Conner directly referenced “Resentment over my mentioned discovery of the removal/replacement of an appraisal review that I conducted. That appraisal review contained substantial observations and suggestions. The transaction and parties involved were high profile in the media.I am under the impression that the FBI has since looked at the file.”
  • “On October 23, 2007, eight days after Conner’s October 15, 2007
    email to Schlabach attached as Exhibit J, Mutual Bank terminated
    Conner’s employment”
  • Late 2007 the FBI investigated the lot transactions. Mr. Conner stated. “Agents and I talked about payoff, bribe, kickback for a long time, though it took them only a short number of minutes of talking with me while looking at the appraisal to acknowledge what they already seemed to know: The Rezko lot was grossly overvalued,”
  • On October 16, 2008 Kenneth J. Conner filed his first lawsuit for retaliatory dismissal.
  • On October 25, 2011 the FDIC initiated a lawsuit against Mutual Bank officers, directors and the bank lawyer. “5. Collectively, the Director Defendants and Officer Defendants (“Director and Officer Defendants”) (a) recklessly implemented a strategy of rapid asset growth through approving a high concentration of risky CRE, ADC and out-of-area loans to a small concentration of high-volume borrowers; (b) failed to implement appropriate underwriting and credit administration practices; (c) ignored the Bank’s loan policies; (d) ignored federal lending regulations; and (e) disregarded warnings from the Bank’s regulators regarding the Bank’s lending activities.”
  • Mr. Conner has filed a Qui Tam lawsuit against the officers, directors and employees of Mutual Bank as well as Adams Valuations Corp. and others. The lawsuit is no longer under seal.



Rezko for Radicals

The whistleblower account of Obama’s $125,000 real estate scam.

by  Kenneth J. Conner

Available on Amazon October 1st

Copyright © 2012 Kenneth J. Conner, All rights reserved.

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