Republic's Former CEO Bonds Out of Jail - NBC Chicago

Republic's Former CEO Bonds Out of Jail

Richard Gillman placed on electronic monitoring



    Richard Gillman Leaves Jail

    Richard Gillman Leaves Jail (Published Friday, Sept. 25, 2009)

    The former CEO of the shuttered Republic Windows & Doors went home Friday night but will remain on ankle monitoring.

    Richard Gillman is accused of scheming to bankrupt his own company, which closed last year and left 200 employees without jobs, severance or vacation pay.

    An original bond of $10 million was set Sept. 10, but Gillman's attorney, Ed Genson, called it the "most outrageous judgment" he'd heard in 45 years. Prosecutors had suggested a bail of $500,000.

    The bond was reduced to $5 million on Friday and a check for 10 percent of that was presented at the jail, allowing for Gillman's release.

    Prosecutors allege that Republic's sudden closing was all part of a plan by Gillman and two other undisclosed company officials to loot the business, steal key manufacturing equipment and set up a new operation in Iowa, the Chicago Tribune explained.

    That successor company in Iowa also failed.

    Republic's closure made national news last December when the laid-off factory workers staged a sit-in to protest their release.  Since then, the factory has experienced a resurgence. A California based company took over the lease and hired back a handful of the laid-off employees.