Apr.02, 2010, 6:43PM ET, Source: THE ASSOCIATED PRESS
Federal prosecutors have charged a Shelbyville, Ind., man with bank fraud and money laundering for allegedly embezzling $1.6 million from a title insurance company.
Fifty-five-year-old John Keith Branam also was charged Wednesday with filing false individual income tax returns to allegedly avoid paying $360,000 in taxes.
Prosecutors say Branam was office manager of King's Title & Abstract Company in Shelbyville from 1996 until 2007, when he was fired. He allegedly embezzled the money between 2004 and 2007 by opening bank accounts under his own name for several fictitious business entities.
If convicted, Branam could face up to 43-year prison sentence and a $1.5 million fine. He could not immediately be located for comment since no home telephone number was listed in his name.