Colorado

Nov 30, 2010 6:05 PM by Greg Boyce

16 indicted for bank fraud and organized crime

DENVER (AP) - Sixteen people from Russia and Tajikistan have been indicted on charges of creating a ring that defrauded Denver banks of more than $300,000.

A grand jury indictment returned November 10 and unsealed today accuses the suspects of theft, conspiracy, and criminal impersonation. Four of the suspects face charges of violating the Colorado Organized Crime Control Act.  Five of the suspects have been arrested in Philadelphia and Denver.

Prosecutors allege that the group opened bank accounts and withdrew funds from accounts that had insufficient funds or were closed. Banks affected included Wells Fargo, JP Morgan Chase Bank, US Bank and Key Bank.

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