Central Indiana Title Agents Indicted on Wire Fraud Charges
The U.S. Attorney's Office says two central Indiana title agents, accused of embezzling over $1 million from clients, were indicted Tuesday in separate investigations.
According to the indictments, 41-year-old Adam Mears of Carmel, co-owner of First Title which operates in Indianapolis, allegedly embezzled nearly $650,000 from clients in order to pay business and personal expenses. 37-year-old Patrick Hayden of Greensburg, co-owner of Mainstreet Title, allegedly embezzled nearly $450,000 which were used to finance another business and support a drug habit.
The investigations into Mears and Hayden began following the routine examinations of the companies by the Indiana Department of Insurance. Those examinations revealed improprieties in the appropriation of funds which led IDOI to contact Indiana State Police and the U.S. Secret Service.
Each man faces five counts of wire fraud. Each count carries a sentence of up to 20 years in federal prison.
Mears and Hayden had initial court appearances Tuesday. Mears has been released while Hayden remains in custody pending a detention hearing on Wednesday.