Chicago-area firm president indicted for fraud

CHICAGO — The president of a homeland security company has been indicted for fraud. Among the accusations is that he told investors Chicago would buy devices that detect the presence of nuclear or biological weapons when there was no deal.

The U.S. attorney's office in Chicago announced the indictment against 68-year-old Gregory Webb Friday. He allegedly defrauded more than 200 investors of $9 million through stock sales.

The company is Elk Grove Village-based InfrAegis (IN'-frah-ee-gis).

Webb allegedly told investors the city of Chicago deal would generate more than $80 million annually in profits. There were some discussions, but no agreement.

He faces multiple fraud counts, each of which can carry a maximum 20-year prison term.

Messages seeking comment left at company offices weren't returned. Prosecutors say Webb currently resides in Dallas.