The Blog

Kirk Goes After Giannoulias's Ties to Convicted Felons

12:29 PM, Apr 20, 2010 • By DANIEL HALPER
Widget tooltip
Single Page Print Larger Text Smaller Text Alerts

Today Mark Kirk's campaign for Senate in Illinois is launching an updated version of RealTruthAboutAlexi.com--a website that "will profile a few of the known criminals and organized crime leaders who received loans and lines of credit from [Kirk's Democratic opponent] Alexi Giannoulias when he served as Vice President and Chief Loan Officer of Broadway Bank."

Today’s Criminal Profiles:

·         Michael “Jaws” Giorango

·         Demitri Stavropolous

·         John D’Arco Jr.

Michael “Jaws” Giorango 

Michael “Jaws” Giorango is a thrice-convicted mob bookie and prostitution promoter.  Broadway Bank extended nearly $40 million in loans and lines of credit to Giorango and his companies.  $26 million of the loans were made while Alexi Giannoulias was Vice President and Chief Loan Officer of Broadway Bank.  Read more about Michael "Jaws" Giorango below.

Demitri Stavropoulos

Demitri Stavropoulos is a bookie with ties to organized crime.  He has been convicted of running a multi-state illegal gambling ring, and of explosives possession.  Broadway Bank extended more than $31 million in loans and lines of credit to companies owned by Stavropoulos and his partner, Michael “Jaws” Giorango.  $26 million of the loans were made while Alexi Giannoulias was Vice President and Chief Loan Officer of Broadway Bank.  Read more about Demitri Stavropoulos below.

John D’Arco Jr.

John D’Arco Jr. is a former Illinois State Senator who was twice convicted on federal corruption charges. His father, John D’Arco Sr. was the long-time Democratic committeeman for Chicago’s 1st ward, and was reputedly involved in organized crime.  Broadway Bank extended $6.4 million in loans and lines of credit to a company he co-owned with Michael “Jaws” Giorango and Demitri Stavropoulos.  $1.4 million of the loans were made while Alexi Giannoulias was Vice President and Chief Loan Officer of Broadway Bank.  Read more about John D'Arco Jr. below.

 

Background: Michael “Jaws” Giorango

 

Michael Giorango pled guilty in 1989 of “helping direct a south suburban bookmaking ring that used threats of bombings, beatings and robbery to collect unpaid debts.”[1] 

 

He was convicted again in 1991 for “additional gambling and tax violations stemming from his role in a separate bookmaking operation overseen by Chicago Heights gambling boss Dominic Barbaro.”[2]  

 

In 2004 Giorango was convicted of promoting a nationwide prostitution ring called “The Circuit” and he allowed the prostitutes to work out of his Lorraine Hotel in Miami, which Broadway Bank financed.[3]

 

Between 1999 and 2005, Broadway Bank extended at least 5 separate loans and lines of credit to Michael Giorango personally, and at least 9 additional loans and lines of credit to ventures he co-owned with Demitri Stavropoulos, totaling $39,980,000.  Loans and lines of credit extended to Giorango and his companies while Alexi Giannoulias was Vice President and Chief Loan Officer of Broadway Bank total $26,080,000.

 

The loans financed real estate ventures, including the aforementioned hotel in Miami, as well as a casino boat marina in South Carolina.[4]

 

Another Giorango and Stavropoulos company, 1201 South Western LLC, to which Broadway Bank loaned more than $15 million, made short-term, “hard money” real estate loans.[5]  The average interest rate for these loans was 1% per week.[6] 

 

Broadway Bank Loans

 

Recent Blog Posts

The Weekly Standard Archives

Browse 15 Years of the Weekly Standard

Old covers