Tech Mogul Gregory Webb Sentenced to 9 Years for $9M Fraud

CHICAGO — The founder of Elk Grove Village’s InfrAegis Inc., Gregory Webb, 71, has been sentenced to nine years in federal prison for swindling investors out of more than $9 million. Webb was convicted last year on nine counts of mail and wire fraud for deceitfully securing over $9 million from over 200 investors.

In a scam that spanned between 2007 and 2012, Webb falsely portrayed InfrAegis as a thriving tech firm with significant stakes in science and technology. He claimed the company had secured billion-dollar contracts with global government agencies and municipalities, including Chicago. Webb’s pitch included claims that InfrAegis’ products could protect against terrorist attacks and detect threats to public safety and food/water supplies.

However, InfrAegis was a shell company without developed or tested products. The investors, including firefighters and first responders, never saw a return on their investment. U.S. District Judge Virginia M. Kendall labeled Webb’s actions ‘egregious’ during the sentencing hearing on Wednesday in Chicago.

The sentence of 108 months was announced by Zachary T. Fardon, United States Attorney for the Northern District of Illinois, and Michael J. Anderson, Special Agent-in-Charge of the FBI’s Chicago office. The U.S. Securities and Exchange Commission played a crucial role in the investigation.

Assistant U.S. Attorneys Kruti Trivedi and Rick D. Young highlighted the long-term impact on victims, stating that Webb’s lies extracted money from trusting investors and will continue to do so. Evidence at trial showed over $500,000 was paid to Webb and his spouse between 2007 and 2012, while corporate credit cards were used for personal expenses, including dining, groceries, and entertainment.

Webb, a former resident of Arlington Heights, Texas, has seen InfrAegis, now defunct. His sentence is a stark reminder of the consequences of white-collar crime on individuals and communities.