A man convicted of conspiring to set fire to his Maryland business to collect insurance money has been sentenced to 15 years in federal prison.
The office of the U.S. Attorney in Maryland said Demetrios Stavrakis, 54, of Lutherville-Timonium, was sentenced Wednesday. He was also ordered to spend three years on supervised release and to forfeit more than $15 million.
Stavrakis was found guilty in October of malicious destruction of property by fire, use of fire to commit a federal felony and wire fraud.
Evidence presented during his seven-week trial showed that after the fire in July 2015, insurance adjusters submitted claims totaling more than $21 million, and the insurance company paid approximately $15 million. Prosecutors alleged that a portion of the money was transferred to an account in the name of Stavrakis’s wife, which prosecutors say was used to buy luxury cars, a motorcycle and jewelry.
Defense attorney Steve Levin told the Baltimore Sun his client will continue to fight his conviction.
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