Demetrios Stavrakis, a/k/a Jimmy, age 54, of Lutherville-Timonium, Maryland, was sentenced to 15 years in federal prison for conspiring to burn down his business in order to obtain insurance proceeds.
A federal jury returned the guilty verdict late on October 28, 2019, and U.S. District Judge Ellen L. Hollander handed down the sentence. Stavrakis will also serve three years of supervised release following his prison term.
The evidence presented at Stavrakis’ 7-week trial, which began in July 2015, revealed that he had made a plan to set fire to commercial property he owned at 234 S. Haven Street in Baltimore, in order to collect insurance proceeds on the property.
Stavrakis’ business, Adcor Industries, Inc., a manufacturing shop owned by him since 1991, had experienced a downturn due to the loss of a contract with Colt Industries. From 2011 to 2015, Stavrakis’ businesses defaulted on various loans, struggled to pay suppliers resulting in legal action, and sold off profitable divisions of the business to satisfy defaulted loans.
According to trial evidence, on July 28, 2015, Stavrakis used adhesive tape to defeat one of the security features on the front door of the building so that the person or persons setting the fire could enter the building. The fire was reported to law enforcement by a passerby who saw smoke emanating from the building, and the Baltimore Fire Department responded to extinguish the blaze.
The Baltimore City Police Department, the Maryland State Fire Marshal’s Office, and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Baltimore Field Division assisted in the investigation. U.S. Attorney Robert K. Hur praised the investigation and stated, ‘The evidence proved that ‘Jimmy’ Stavrakis conspired to burn down his business in order to defraud his insurance company of millions of dollars in insurance proceeds.’
The total insurance claims submitted by Stavrakis and his companies totaled more than $21 million, with the insurance company paying a total of approximately $15,081,435. Of that amount, approximately $7.5 million was used to purchase new machinery.
Related Federal Cases
- Marcus Bell Charged with Conspiracy to Distribute Fentanyl, Baltimo… · Alabama
- Howard James Clem IV, Conspiracy to Distribute and Receive Child Po… · Maryland
- Rodney Russell Sentenced to 9 Years for Conspiracy to Distribute He… · Maryland
- Mykhaylo Botsvynyuk, Human Trafficking Conspiracy, Canada, 2023 · Pennsylvania
- Wanisha D. Coates Sentenced to 4 Years for Bank Fraud Conspiracy, B… · Virginia
Key Facts
- State: Maryland
- Category: White Collar Crime|Organized Crime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News