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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.

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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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