Baltimore Businessman Convicted Of Fraud, Arson After Receiving $15 Million Insurance Payout

A Lutherville-Timonium resident was convicted by a federal jury Monday for conspiring to defraud insurers of more than $15 million by setting fire to his Baltimore-based business in 2015, the Maryland U.S. Attorney’s Office announced.

During his trial in U.S. District Court in Baltimore in 2015, prosecutors provided evidence that Demetrios “Jimmy” Stavrakis, president of Adcor Industries, conspired to set fire to his military weapons manufacturing company on South Haven Street, according to a press release Tuesday.

The property also housed Adcor Beverage and other businesses owned by Stavrakis.

According to the U.S. Attorney’s Office, trial evidence showed that on July 28, 2015, Stavrakis used tape to obscure one of the security features on the building’s front door, and that security alarms inside the building were disabled so that one or more people could enter the building and set the fire.