A federal grand jury has charged a Greenwood man with multiple types of fraud, one of which was mortgage-related, according to the U.S. Attorney's Office for the southern Indiana district.
Daniel R. Fruits, 46, was allegedly involved in three schemes: a nearly $ 14 million fraud involving an investor who was also Fruits's employer, in an attempt under false pretenses obtaining a home loan; and a vehicle title-washing scam, the US attorney's office alleged in a press release on Thursday.
The allegations in the present case were based on findings by the Federal Bureau of Investigations and the Criminal Investigation Department of the Internal Revenue Service.
The mortgage-related charge involved attempting to defraud Fifth Third Bank by providing false information while applying for a $ 432,000 loan. Fruits allegedly twice submitted documents from another financial institution showing that previous loans were repaid when they had not been made.
The $ 14 million fraud concerned a shipping company that the investor founded in 2015 and hired Fruits. Fruits allegedly filed inflated profit and loss statements and fictitious reports on customers and, on false pretenses, requested additional funds for the company
The fees also state that Fruits used the funds for personal expenses. These included a $ 880,000 horse farm and dorm, an RV and trailer valued at $ 560,000, a Corvette valued over $ 111,000, three Rolexes valued at around $ 90,000, a horse valued at $ 55,000, a trailer valued at $ 33,000, Ferrari Payments valued at $ 23,000, and Companion Payments valued at $ 30,000.
The third set of allegations related to the title laundering program involved a loan of more than $ 69,000 for a truck. Fruits has been accused of removing a lien on the title by creating a fake disbursement letter for the lender and sending it to the automotive department. Then he sold the truck for $ 48,000.
"This financial investor was giving his hard-earned money to someone he could trust," said incumbent US attorney John E. Childress in the press release. "Instead, the victim's money ended up in the hands of a selfish thief who only cared about his interests. Living a life of fraud is inexcusable and always ends."