5 indicted in escrow scam ($80 million) | Chicago Tribune

[Ediacara]

5 indicted in escrow scam
Defendants allegedly stole more than $80 million

Tribune staff reports
Published August 12, 2003, 2:52 PM CDT

A federal grand jury today indicted five executives of the defunct Intercounty Title Co. of Illinois and Independent Trust Corp., accusing them of stealing more than $80 million from the firms.

The case is one of the largest prosecutions ever for white-collar crime in the Chicago area, U.S. Atty. Patrick J. Fitzgerald said at a news conference in downtown Chicago this afternoon to announce the 17-count indictment.

Officials of the FBI's Chicago office and IRS Criminal Investigation Division joined Fitzgerald in announcing the charges, including mail fraud, wire fraud, conspiracy and filing false income tax returns.

The principal defendants, Laurence W. Capriotti and Jack L. Hargrove, pillaged real-estate escrow accounts of more than $80 million, putting in excess of $70 million into their failing title insurance business and keeping more than $10 million for themselves, according to indictment.

More at the Chicago Tribune

[Guaranteed]

1. Well they wouldn't have done it

if they'd known they were going to get caught.
It's just not fair.

[madrchsod]

2. mr fitzgerald

is really starting to clean up chicago..let`s see how far he gets before he runs into daley`s machine

[chiburb]

3. Since you mentioned Fitzgerald...

That was one of the nice things Sen. Fitzgerald did for us, appointing an INDEPENDENT prosecutor for northern Illinois. He may be a lame duck puke (Sen, not US Atty.) but he hated the "Combine" more than he loved making his party happy. (The Combine is the greedy politicos of both parties that rob the taxpayers...)