Elk Grove man charged in embezzlement scheme
An Elk Grove Village man has been charged by federal authorities with embezzling $50,000 from an escrow account he oversaw as an administrator at Chicago Title and Trust Co.
Elvir Sinkovic, 33, of the 700 block of Wellington Avenue, was arrested Wednesday by FBI agents. He appeared before a federal judge and was ordered held without bond, pending a hearing. Authorities believe he might have stolen up to $1.5 million.
Federal officials said Sinkovic transferred the money out of a construction company’s escrow account under the guise of work being performed on a construction project. However, investigators determined the work had never been performed.
According to a news release from the FBI, the person whose bank account Sinkovic directed the funds to told investigators that he was instructed by Sinkovic to transfer the money back to Sinkovic. The FBI release stated that Sinkovic’s wife used $40,000 to purchase commercial real estate from the construction company that had been pilfered. The remaining $10,000 was given to Sinkovic in cash, authorities said.
Though Sinkovic has not been charged with any additional violations, authorities said they suspect he made 100 similar disbursements from the construction company’s account totaling more than $1.5 million.
If convicted, Sinkovic faces up to 30 years in prison, the FBI release stated.