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A commercial real estate developer who once proposed constructing the world’s tallest building in the Loop pleaded guilty Friday to stealing at least $1.5 million from owners and tenants of properties managed by his Chicago-based company.
Scott K. Toberman, 52, owner and president of European American Realty Ltd., pleaded guilty to one count of mail fraud in federal court for fraudulently obtaining money from his company.
He admitted that he used almost $600,000 of the stolen funds to pay legal fees and other expenses in connection with his ill-fated plan in 1999 to build the world’s tallest office tower at 7 S. Dearborn St.
Toberman faces up to 71 months in prison. He is scheduled to be sentenced Oct. 28.
