Irish to lose $250k in alleged Chicago property fraud

IRISH property investors have become embroiled in an alleged multi-million fraud that could see them lose hundreds of thousands of dollars.

The investors paid deposits on a development in Chicago that is unlikely to break ground following the disappearance of the property’s developer.

Castleroc Estates, the Dublin-based brokerage firm headed by Phillip Hegarty, has launched a legal action in an attempt to recover more than $250,000 (€184,900) in deposits.