Former Principal Adviser, charged in abduction, is sued by his parents
August 1, 2017 by Nathan Blake
MORRISON, Ill. — The parents of a man accused of kidnapping an Erie, Illinois, couple earlier this year are suing him for money they say he stole while he was their financial investor.
Investigators say that on Feb. 7, Chad C. Schipper, 40, of Geneseo, Illinois, kidnapped Larry and Constance VanOosten at gunpoint from their Erie home, hid them in a secret room in a house he owns and forced them to get a $350,000 cashier’s check from their bank in Albany, Illinois. The bank alerted authorities about a suspicious withdrawal and Schipper was arrested the following morning after a high-speed chase that resulted in him crashing a car.
Schipper has pleaded not guilty to 16 felonies. His criminal trial currently is set to begin Aug. 22.
In a lawsuit filed July 19 in Whiteside County Circuit Court, Marlyn E. and Linda Schipper claim the investigation into the kidnapping found evidence that Chad had lied about several investments he told them he made on their behalf.
The lawsuit states that in September 2010, while Chad was working for Principal Financing Group as a financial adviser, his parents invested $160,000 from a 401k account into a principal annuity account. Chad allegedly closed that account on Feb. 13 without telling his parents. The account was worth nearly $221,000 by that time. The Schippers claim Chad took that money, and the withdrawal cost them an additional $12,000 in fees.
The Schippers also allege that between February 2013 and February 2017, Chad led them to believe he had invested $10,000 in an annuity through Schipper Financial Services and $77,000 into a CD. They claim he instead took that money in addition to $600 each month that he received as part of the CD. He also allegedly cashed a check on one of their credit cards and made $13,721.67 in charges to a credit card he opened in their name.
The lawsuit also states that between September 2012 and March 2013, Chad repeatedly rolled money from the Schippers’ 401k into a company called Schipper Financial Services. The total of the amount allegedly taken during this period was $97,000.
The Schippers say their son stole $444,135.78 from them. Through the lawsuit, they are seeking that amount plus interest, attorney fees and any other costs incurred from the lawsuit.
The lawsuit states that the Schippers found out about Chad’s alleged actions after law enforcement officials searched a desk in his home office shortly after he was charged with abducting the VanOostens.