74°FFairFull Forecast

Chicago-area firm president indicted for fraud

Published: Friday, Feb. 28, 2014 11:45 a.m. CDT

CHICAGO — The president of a homeland security company has been indicted for fraud. Among the accusations is that he told investors Chicago would buy devices that detect the presence of nuclear or biological weapons when there was no deal.

The U.S. attorney's office in Chicago announced the indictment against 68-year-old Gregory Webb Friday. He allegedly defrauded more than 200 investors of $9 million through stock sales.

The company is Elk Grove Village-based InfrAegis (IN'-frah-ee-gis).

Webb allegedly told investors the city of Chicago deal would generate more than $80 million annually in profits. There were some discussions, but no agreement.

He faces multiple fraud counts, each of which can carry a maximum 20-year prison term.

Messages seeking comment left at company offices weren't returned. Prosecutors say Webb currently resides in Dallas.

Get breaking and town-specific news sent to your phone. Sign up for text alerts from the Daily Chronicle.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Reader Poll

What's the best graduation ceremony tradition?
"Pomp and Circumstance"
Caps and gowns
Tossing mortarboards into the air
Students walking to pick up diplomas