BALTIMORE (AP) - Federal prosecutors say a jury has convicted a man accused of conspiring to set fire to his business to collect insurance money.
The U.S. Department of Justice said in a news release that 53-year-old Demetrios Stavrakis of Lutherville-Timonium, Maryland, was found guilty late on Monday of malicious destruction of property by fire, use of fire to commit a federal felony and wire fraud.
Evidence 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. 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.
Stavrakis is scheduled to be sentenced in January.
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