Sunday, June 03, 2007

How to Invest from Prison Like "A Known Associate of Organized Crime."

Friends of ours: Frank Saladino
Friends of mine: Nick S. Boscarino

Received a tip from a reader about reputed Mob associate (according to Illinois Gaming Regulators) and millionaire Nick S. Boscarino of South Barrington. Boscarino was sentenced to three years in federal prison in Yankton, S.D., on fraud charges for bilking the Village of Rosemont of money related to undisclosed insurance fees.

At one point, he attempted to reduce his sentence by claiming that he was an alcoholic as he sought treatment at Yankton's alcohol treatment program, which would make him eligible for an earlier release. The judge denied the request by Boscarino through his attorneys.

Apparently, before Boscarino went to prison, he put millions of dollars into 5 Hampshire parcels in 2005. They are now back on the market, he is trying to double his money on 2 of the parcels, bought for $1.5 million and selling for $3.7 million. On the other three parcels he is trying to increase his money 10-fold - bought for $1.4 M and selling fro $14 M. Nice way to make a living while sitting in prison for 2 years.

Even more interesting is the "mispelling" of his last name on the property records - seen as Boscarino, Boscario, and Borcarino. Not trying to hide any assets, are we Nick ??

The property information was obtained from the data links below. An interesting tidbit of trivia is that Frank Saldino lived (and died) in in a rural Kane County truck stop hotel (I-90 Rt 20 intersection) just up the road from the subject parcels. Saladino was found dead of "natural causes" April 25-the same day he was indicted on federal charges of murder and other undisclosed "criminal" allegations that were performed by Saladino on behalf of "The Outfit."

Tax and property info from these sites, by entering parcel numbers (listed below)

Hampshire Township Assessor's Office (Property Search)

Kane County Property Tax: Tax Payment Search

Tax bills go to Boscarino's home and business addresses

Properties Listed for Sale By Century 21 New Heritage

For All Your Real Estate Needs - Real Estate Listings Search - Page 1

>>>>>>Parcels 0109100011 and 0109100010

THIS 83 ACRE PARCEL IS ACTUALLY 2 PARCELS - 40 ACRES + 43 ACRES. THEY CAN BE PURCHASED SEPARATELY. 2ND PPI# IS 0109100011. THIS PROPERTY IS LOCATED IN HAMPSHIRE'S GOLDEN COORIDOR FOR RESIDENTIAL GROWTH. MOST OF THE FARMLAND ALL THE WAY TO ALLEN RD HAS BEEN SOLD FOR DEVELOPMENT. PROPERTY HAS HIGGINS RD ADDRESSS -- FRONTAGE IS ACTUALLY ON MELMS RD.

$3,767,850 Vacant Land - 47W531 HIGGINS(MELMS) Road, HAMPSHIRE, IL 60140


>>>>> Parcels 0124400028 and 0124400027

22.62 ACRES CURRENTLY ZONED FARM, BUT HAS POTENTIAL FOR COMMERCIAL/INDUSTRIAL USE. SELLER WILL PARTICIPATE IN DIVIDING PROPERTY INTO SMALLER PARCELS. PARCEL IS ON HAMPSHIRE'S FUTURE ANNEXATION BORDER. CURRENTLY TWO PARCELS 16.39 ACRES PIN# 0124400028 6.23 ACRES PIN# 0124400027
$2,262,000



>>>>Parcel 0122100012

19.3ac PRIME COMMERCIAL PROPERTY WITH FRONTAGE ON STATE ST. AND ALLEN RD. NEW WATER AND SEWER LINES TO PROPERTY. NEWLY CONSTRUCTED STREET WITH CURBS. 14.00/S.F. IS FULLY DEVELOPED PRICE, READY FOR CONSTRUCTION. WILL DIVIDE AS DESIRED. PRELIMINARY SITE PLAN CONCEPT ON FILE. HAMPSHIRE'S NEW GOVERNMMENT CENTER TO BE BUILT ACROSS THE STREET FROM PROPERTY. $14 per sq ft, (~$12M total, price $610,000 per acre.)

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