Photo: 401(k) 2012 (flickr)
Indiana State Police arrested a Kokomo man last week following allegations of fraudulent financial activity.
State Police say 50-year-old Charles Scott Defabritis allegedly obtained several farm loans in 2013 using false information and collateral.
The loans totaled nearly $600,000.
Payments on the outstanding balance of the loans were allegedly not made and even though some of the property had been repossessed. The total loss remains around $300,00.
A complaint was made by the Grant County State Bank in February of this year.
Defabritis was arrested following a four month investigation by State Police. Defabritis faces two felony counts of Corrupt Business Influence, one felony charge of Fraud on a Financial Institution and one charge of Theft.
He is being held in the Grant County Jail.