William R. Bowling Jr., 46, Cincinnati, Georgia Bowling, 64, Franklin, and Gregg E. Russell, 54, Middletown, all of Ohio, were indicted for devising a complicated scheme to defraud Countrywide Home Loans.

The Indictment alleges that William Bowling Jr., the buyer/borrower, purchased 24 investment properties in Kettering, Ohio and that the paperwork submitted to the lender, Countrywide Home Loans, represented that the down-payment was coming from Bowling Jr. The 24 purchases each originated and were processed through Countrywide Home Loan's office in Ft. Mitchell, Kentucky.

The Indictment also alleges that Georgia Bowling, who acted as the real estate agent for Bowling Jr., caused for false representations regarding alleged repair-work to be made on the loan documents that were submitted to Countrywide. These false representations allowed the conspirators to use loan funds to provide for Bowling Jr.'s required down-payment on all 24 purchases. The Indictment also alleges that Gregg Russell, Georgia Bowling's boss at the Middletown real estate brokerage in Ohio at which they worked, participated in the conspiracy. He allegedly obtained the cashier’s checks that were presented at each of the 24 closings knowing they would be presented as Bowling Jr.’s funds for the down payment when in fact they were not.

James A. Zerhusen, Acting United States Attorney for the Eastern District of Kentucky, and Paul R. Johnson, Special Agent in Charge, United States Secret Service, jointly made the announcement a federal grand jury in Covington, Ky., returned the Indictment.

The defendants’ appearance before the United States District Court has not yet been set. If convicted, each defendant faces a maximum prison sentence of 20 years in prison. However, any sentence following conviction would be imposed by the court after consideration of the United States Sentencing Guidelines and the federal statute governing the imposition of sentences.