Two Indiana Women Indicted In $23.5 Million Mortgage Fraud

Prosecutors announced last Monday that Beverly Ross and Donella Locke of Indianapolis had been indicted on January 30 by a federal grand jury on charges of wire fraud and conspiracy in connection with an alleged mortgage fraud scheme involving $23.5 million in loans on 36 high value homes in the greater Indianapolis area. Both women were taken into custody pending a hearing. The indictment alleges that Ross and Locke conspired in connection with mortgage brokers, title companies and appraisers to sell overvalued properties to straw buyers they had recruited to lend their names for credit purposes. Ross was also indicted separately on six counts of bankruptcy fraud. The Indianapolis Star has the story here.