John Keith Branam, 52, of Shelbyville, Indiana, was charged today with bank fraud, money laundering and filing false individual income tax returns in connection with his alleged misappropriation of more than $1.6 million from King's Title & Abstract Company, a local title company he had been employed by. According to authorities, beginning in 2004 until 2007, Branam used several fictitious companies, including Branam Properties, Rocksolid Investments and King's, to misappropriate the funds from King's Title by setting up bank accounts in those names and executing transfers of funds by writing checks. All in, authorities believe Branam embezzled $1,619,819.80 from the company in this manner. Branam, who had been employed by the firm since 1996, was fired in 2007 after the discrepancies were revealed. He was arrested on May 23, 2008, and charged with 11 felonies, including misappropriation of funds, theft and corrupt business influence. If convicted on all counts, Branam faces up to 43 years in prison, plus a fine of up to $1.5 million and restitution.
Read the story here and here.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment