- Associated Press - Friday, March 3, 2017

CHICAGO (AP) - The founder of a suburban Chicago technology company has been sentenced to nine years in prison for a scheme that bilked investors out of $9 million.

Seventy-one-year-old Gregory Webb was sentenced Wednesday by a federal judge in Chicago.

The founder and chief executive officer of Elk Grove Village-based InfrAegis Inc. was convicted last year of nine counts of mail and wire fraud.

Federal prosecutors say he defrauded more than 200 investors, including Chicago firefighters and other first-responders, through his company.

Webb had portrayed the company as a thriving business on the verge of signing billion-dollar contracts with the city of Chicago and government agencies and municipalities worldwide. But prosecutors say there were no pending contracts and none of the company’s products were fully developed or tested.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide