CHICAGO — A federal judge has sentenced Stanislav “Steve” Sannikov, a Chicago real estate broker, to four years and two months in prison for orchestrating a long-running fraud scheme that defrauded multiple investors of more than $3 million.
According to the U.S. Attorney’s Office for the Northern District of Illinois, Sannikov, 42, operated Chestnut Realty Group in Chicago between 2016 and 2020. During that time, he misled at least four investors by falsely claiming he could secure off-market properties for resale or lease at a profit.
However, none of the properties were actually for sale or lease, and the earnest money wired by investors—believing it was being held in escrow—was instead deposited directly into a personal account Sannikov controlled.
The U.S. Attorney’s Office confirmed that Chestnut Realty was not licensed as an escrow agent, and that Sannikov used the stolen funds on personal expenses and luxury purchases.
One victim, now in his 70s, reportedly had to delay his retirement due to the financial blow from the scam.
Sannikov pleaded guilty last year to one count of wire fraud. In February, U.S. District Judge Joan Humphrey Lefkow handed down the sentence and ordered Sannikov to pay $2.19 million in restitution.
“This was not a one-time lapse in judgment,” said Assistant U.S. Attorney Sheri H. Mecklenburg. “Defendant, over the course of at least four years, designed and engaged in a calculated, sustained, multi-faceted scheme to defraud multiple individuals.”
