Huntley Police Seek Huntley Man on Fraud Charges

A Huntley man wanted on fraud charges remains at large, Huntley police said.

Russell Palermo, 46, 11313 Douglas Ave., is wanted on warrants stemming from a six-month investigation into his business, Palermo Insurance Agency, 11187 Dundee Road, No. 105, Huntley.

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.

Huntley police detectives worked with the Illinois Department of Insurance investigators on this case. 

The investigation began in September 2011 when the victims came forward to claim a local insurance broker had been charging insurance premiums when there was no policy in place, police said.

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 the victims 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.

Another victim used Palermo’s agency to get business insurance for a real estate company in 2006. The victim became suspicious of Palermo and looked into the insurance policy in 2010, police said. He discovered Palermo’s license had been revoked in 2009, and the premiums had been canceled in 2007 for nonpayment, although the victim had been paying Palermo, police reports stated.

In October 2011, detectives executed a search warrant at Palermo Insurance Agency, where they seized several documents and computers.

Arrest warrants were issued earlier this month. Officers have attempted to serve the warrants, but Palermo’s whereabouts are unknown.

Police are seeking information from any other possible victims. If anyone has been a victim in the case, contact Detective Joe Willard at 1-847-515-5311. 

Anyone with knowledge of the whereabouts of Palermo is urged to contact the at 1-847-515-5311 or use the department’s anonymous tip line at 1-847-515-5333.