Park Ridge Man Sentenced For Extortion Conspiracy

ROCKFORD, IL — A Park Ridge man has been sentenced following a conviction of conspiring to commit extortion. Robert Panozzo, 59, pleaded guilty to the charge in June, according to a release from the Department of Justice, and will serve 14 years in prison.

According to the release, Panozzo loaned money to a victim in 2005. The victim paid him back in a series of payments, the last of which was in 2006. Panozzo told the victim, however, that he was still owed $100,000 in interest, the release says.

Panozzo admitted in the plea agreement that he recruited Joseph Abbott, 40, to "cause harm to the individual and his property in order to coerce the individual to repay the loans," the release says.

On Oct. 5, 2006, Panozzo, Abbot and other confronted the victim in McHenry County and demanded money, attacking him after he said he could not pay, according to the release. The victim's head and arms were injured.

The release says Panozzo served prison time between November 2006 and September 2008, after which he repeatedly called the victim, demanding money or a meeting to discuss repayment.

On two separate occasions in February 2009, Panozzo left notes at the victim's home demanding $100,000.

Later that month, Abbott set fire to a car in the victim's driveway, the release says. Panozzo admitted to paying Abbott to do this.

Then, in April, Abbott used "an incendiary device" to "blow up" the victim's residence by setting it off in trash cans, causing a fire to damage the victim's garage. Panozzo again admitted to paying Abbott to do this.