Former B-to-B CEO Indicted on Charges of Theft
Ian Gittlitz faces four to 15 years in prison.
Former ICD Publications president and CEO Ian Gittlitz was indicted last week on charges of theft of more than $500,000.
Gittlitz [pictured], a New York resident, was apprehended by Illinois police late last month while attending the International Home & Housewares Show at McCormick Place in Chicago. He was arrested on charges that he allegedly embezzled more than $2 million from ICD.
ICD—which owns several hospitality trade magazines, including Hotel Business, HomeWorld Business and Hotel Journal—fired Gittlitz from his post at the company in July 2007. The publisher subsequently filed a lawsuit against him, alleging "fraudulent acts and a breach of fiduciary responsibility."
Gittlitz will appear before the court again in May, Lincolnshire, Illinois Police detective John-Erik Anderson told FOLIO:. If convicted, Gittlitz faces four to 15 years in prison.