Executive stole millions to cover bets, authorities say

Thursday, May 26, 2005 | 9:36 a.m.

N.J. state police arrested the president and chief executive of a Cherry Hill-based real estate title settlement company on Wednesday, charging him with stealing $2.6 million from his company to fund a gambling habit.

David Angelo, 35, was arrested at his home in the Sicklerville section of Winslow Township.

Authorities believe Angelo lost about $1.5 million in less than a week playing high-stakes blackjack at several Atlantic City casinos. They say he withdrew money from an escrow account to which he had access at Tiger Settlement Agency and was unable to return it.

Angelo helped found Tiger, a company with operations in New Jersey, Pennsylvania and Illinois.

The Division of Gaming Enforcement launched an investigation after one casino filed a report on suspicious activity involving large amounts of money.

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