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
Recipient Amount Date
Michael Giorango $1,100,000.00 8/27/1999
Michael Giorango $900,000.00 9/24/1999
Michael Giorango $300,000.00 12/5/2000
2601 Associates $5,000,000.00 5/31/2001
Michael Giorango $6,000,000.00 11/2/2001
Michael Giorango $600,000.00 5/28/2002
2601 Associates $400,000.00 9/19/2002
1201 S Western LLC $1,360,000.00 9/1/2004
1201 S Western LLC $4,400,000.00 12/21/2004
1201 S Western LLC $6,120,000.00 12/31/2004
Sun & Ocean Properties $5,800,000.00[7] 3/31/2005
2601 Associates $1,000,000.00 4/20/2005
Highland Park Real Estate Dev. Corp $3,600,000.00[8] 7/1/2005
1201 S Western LLC $3,400,000.00 9/26/2005
Background: Demitri Stavropoulos
Demitri Stavropoulos was convicted in 2004 of running a multistate gambling ring. He was also convicted in 1994 of explosives possession charges.[9]
Stavropoulos was also arrested in 1993 in a gambling raid. He was charged with syndicated gambling and obstruction of justice.[10]
Between 2001 and 2005, Broadway Bank extended a least 9 additional loans and lines of credit to ventures Stavropoulos co-owned with his partner, Michael “Jaws” Giorango, totaling $31,080,000. Loans and lines of credit extended to Stavropoulos 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 a casino boat marina in South Carolina.[11]
Stavropoulos was actually in federal prison in 2005 when the loan papers were signed for the casino boat marina. His wife had to sign the loan papers for him.[12]
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.[13] The average interest rate for these loans was 1% per week.[14]
Broadway Bank Loans
Recipient Amount Date
2601 Associates $5,000,000.00 5/31/2001
2601 Associates $400,000.00 9/19/2002
1201 S Western LLC $1,360,000.00 9/1/2004
1201 S Western LLC $4,400,000.00 12/21/2004
1201 S Western LLC $6,120,000.00 12/31/2004
Sun & Ocean Properties $5,800,000.00[15] 3/31/2005
2601 Associates $1,000,000.00 4/20/2005
Highland Park Real Estate Dev. Corp $3,600,000.00[16] 7/1/2005
1201 S Western LLC $3,400,000.00 9/26/2005
Background: John D’Arco Jr.
John D’Arco Jr. is a former Democratic Illinois State Senator. He was convicted in 1991 of accepting bribes to push legislation through the legislature.[17] He was sentenced to three years in prison.[18]
D’Arco was convicted again in 1995 of bribing a Cook County Circuit Court judge in 1989 in rig a case. He was given an additional five months in prison.[19]
D’Arco’s father, John D’Arco Sr. was the long-time Democratic committeeman for Chicago’s 1st ward, and was reputedly involved in organized crime.
D’Arco, along with Michael “Jaws” Giorango and Demitri Stavropoulos, was listed as a “managing member” on the incorporation papers of 2601 Associates LLC, the Florida company that owns the Lorraine Hotel in Miami. In addition, a notice filed with the Miami-Dade recorder giving notice that the hotel would be installing new windows was signed by D’Arco, who is identified on the former as “owner.”[20] Broadway Bank extended a total of $6.4 million in loans and lines of credit to 2601 Associates. $1.4 million of the loan were made while Alexi Giannoulias was Vice President and Chief Loan Officer of Broadway Bank.
Broadway Bank Loans
Recipient Amount Date
2601 Associates $5,000,000.00 5/31/2001
2601 Associates $400,000.00 9/19/2002
2601 Associates $1,000,000.00 4/20/2005
