Four-Star Stories Crain's Chicago Business

Just because you’re in federal prison doesn’t mean you can’t still do real estate deals. John Thomas found a way. One potential partner was a fellow inmate. That partner, a farmer from South Dakota, had been sentenced to nine years for running a multi-million dollar Ponzi scheme. Thomas also convinced a Chicago investor he had been converted in prison to a Bible-fearing man.

In Chapter 4, "Born-Again Dealmaker" -- Crain's Alby Gallun brings John Thomas' story into the present. All of which is messy, to say the least.

In June of 2010, a federal judge gave John Thomas a second chance. He had admitted his guilt in a billboard leasing scam in New York City and worked as an informant for the FBI in Chicago, helping the feds convict political powerbroker Tony Rezko and Alderman Ike Carothers. Maybe, just maybe, his contrition and cooperation would allow him to avoid a trip to federal prison. The strategy worked.

During Chapter 3, "The Scorpion and The Frog" -- Thomas tests the patience of the federal judge who gave him a second chance.

In 2000, John Thomas needed a fresh start. With a new name and the FBI on his trail, he moved from New York to Chicago and founded a real estate business. But Thomas also found other work in his new town. He became an informant for the FBI and U.S. Attorney’s Office in Chicago.

In Chapter 2, "The Side Hustle" -- Thomas chases real estate deals, and gains experience with recording devices as he curries favor with federal prosecutors.

John Thomas has great stories, lots of them. Like when the Rolling Stones sang him Happy Birthday at the Lone Star Café in New York City, where he worked as a bouncer, or when his dad put a 44 Magnum to his knee and threatened to pull the trigger.

But one story Thomas likes to tell now is about his redemption: How a man who prosecutors called “a serial con man” turned around his life. In Chapter 1, "Playing With The Truth," Crain's reporter Alby Gallun unravels Thomas' difficult childhood and his early professional schemes and dreams.

John Thomas helped convict a Chicago alderman and a key fundraiser to former Gov. Rod
Blagojevich. But there’s a lot more to his story, which includes lots of real estate deals, two
felony convictions and one trip to federal prison. Thomas says prison turned him into an honest
man. The truth is more complicated, and Crain's Alby Gallun shares that story in four chapters.

In this episode, we examine Bronzeville’s multiple transformation plans in the era following the demolition of the towering public housing projects. Reporter Dennis Rodkin also explores the importance of bringing in higher income households to attract desirable national retail brands.

Plus, urban planner Pete Saunders and Alderman Pat Dowell walk us through what still holds Bronzeville back. And more, importantly how to sustain the neighborhood’s recent residential boom.