Colorado grand jury indicts two on 37 felonies each in $1.1 million bank fraud scheme
A Colorado grand jury has indicted two people on 37 felony counts each in an alleged $1.1 million bank fraud scheme involving home equity lines of credit, the Colorado Attorney General's Office said.
The indictments accuse the defendants of defrauding financial institutions through fraudulent HELOC applications and related transactions, the Attorney General's Office said.
Colorado Attorney General Phil Weiser said the alleged scheme targeted banks by using false information to obtain or manipulate home equity credit.
The Attorney General's Office said each defendant faces charges that could result in prison sentences, restitution and fines.
The case is being prosecuted by the Colorado Department of Law's Consumer Protection Section.
The Attorney General's Office did not immediately provide the names of the defendants or the specific banks involved.
An indictment is a formal charging document, not a finding of guilt. The defendants are presumed innocent unless they are convicted in court.
The Attorney General's Office urged Coloradans to report suspected fraud to the state's consumer protection division.
