Huntey Man Wanted in Fraud Case Captured
Police arrest Huntley insurance broker Russell Palermo.
Huntley police arrested Russell Palermo, a Huntley man wanted on 29 counts of fraud, theft and deceptive practices Friday at a South Elgin condo, authorities said.
His bail was set at $75,000, police said.
Huntley police had been trying to locate Palermo, a 46-year-old Huntley insurance broker, for more than a month after his indictment on the charges.
Palermo is charged with theft, a Class 3 felony; two counts of theft, a Class 2 felony; four counts of financial responsibility, a Class A Misdemeanor; 10 counts of financial responsibility, a Class 3 felony; forgery, a Class 3 felony, nine counts of issuance of insurance without a license, a Class A misdemeanor; deceptive practice, a Class 4 felony; and unlawful use of weapons, a Class A misdemeanor.
The investigation began in September 2011 when a person alleged that a local insurance broker had been charging insurance premiums when there was no policy in place, police said. Palermo owned Palermo Insurance Agency in the 11000 block of Dundee Road in Huntley.
According to police, Palermo would work with several different insurance companies to provide policies for his customers. He handled both business and personal insurance policies, reports stated.
The case came to light when people noticed suspicious activity on their accounts, police said. One victim made a down payment for an insurance policy but the company had no record of the payment, police said.
Huntley police were working with other agencies to find Palermo.
Detectives got a break in the case this week through anonymous information left on the Huntley Police Department Tip Line indicating that Palermo might be staying in the South Elgin home, Chief John Perkins said in a press release Friday. Huntley police watched the condo and saw Palermo come out to smoke a cigarette on a second floor balcony, Perkins said.
The team went into the condo and took Palermo into custody. He did not resist arrest.