Jurors in federal court in Chicago, who returned guilty verdicts against Cicero officials and related conspirators last week (See IJ Website Aug.26), decided Monday that they should forfeit the entire amounts of the funds they diverted, a total of $12 million with interest.
Jurors determined that former Town President Betty Loren-Maltese should forfeit $3.25 million and her interest in two pieces of property in Wisconsin. Her attorney denied that she had any interest in the properties, and had no cash to satisfy the demand.
John LaGiglio, who set up Specialty Risk Consultants, an insurance firm used to divert the town’s insurance payment in 1992, and reputed local mob boss Michael Spano Jr. which each found responsible for the return of $4 million, and their interests in the Wisconsin property.
The jury found that the scheme, which operated between 1992 and 1996, siphoned payments from Cicero for medical insurance premiums to the defendants, cost the town some $12 million, but that sum could be substantially increased if the court orders the payment of interest and penalties.
Was this article valuable?
Here are more articles you may enjoy.
Farmers Looks to Make it Easier for Consumers to Understand Insurance 
California Rivals Have Starkly Different Plans to Remake Home Insurance 
Florida Regulators Mulling New Rules on Market Conduct Exams, Reporting 
Robotaxi Riders Are Falling Asleep, Sparking Frantic 911 Calls 
