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updated: 4/11/2014 4:15 PM

Employee charged with diverting $700,000 from firm

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Associated Press

A Chicago trading firm's office manager is facing a federal wire fraud charge after authorities say he diverted more than $700,000 from the company's dividends to buy land in Indiana.

In a statement Friday, the FBI says 29-year-old Joseph Tagler of Oak Lawn worked at Eagle Market Makers and stole payments for more than two years.

Investigators say Tagler used the money to buy property for himself as well as his brother-in-law.

The FBI says the scheme was uncovered when a co-owner realized he wasn't getting as much money in dividends payments as company documents indicated he should have received.

He was arrested Thursday and released on $50,000 bond.

It wasn't immediately clear if Tagler had an attorney, and his telephone number wasn't listed.

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