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Former BITCO Official Arrested

A former executive of Bituminous Insurance is accused of stealing millions of dollars from the Rock Island-based company. Today the US Attorney for the Central District of Illinois announced the arrest of 47 year old Dominic Scodeller of Davenport - for fraud and money laundering.

While serving as manager of purchasing and facilities for Bituminous, Scodeller is accused of defrauding the company of at least 2.7 million dollars. Prosecutors say he approved payments to fake companies he created and controlled, and once the payments were made, took the money for his personal use.
A grand jury returned an indictment against him last week, but it remained sealed until his arrest today and first court appearance. 
The maximum penalty for each of the two counts is 20 years in prison. 
A detention hearing for Scodeller is scheduled for Wednesday morning.