Apr.02, 2010
A Shelbyville man accused of embezzling more than $1.6 million while manager of a title and abstract company faces federal charges of bank fraud and money laundering.
According to the charges filed in federal court in Indianapolis, John K. Branam, former manager of King's Title and Abstract Co. in Shelbyville, ran the embezzling scheme from 2004 to 2007. He also conducted money laundering transactions over $10,000 with the proceeds of the fraud and failed to report the fraudulently received money on his federal income tax returns, avoiding taxes of about $360,000, according to federal prosecutors.
In addition to the bank fraud and money laundering charges, Branam is charged with filing false individual income tax returns.
Assistant U. S. Attorney Susan Heckard Dowd, who is prosecuting the case, said in a statement that Branam faces a maximum possible prison sentence of 43 years and a maximum possible fine of $1.5 million.