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Jury Convicts Man Of Conspiring To Set Fire To His Business

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.

(© Copyright 2019 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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