Arrests made in loan fund theft

WESTERVILLE, Ohio (AP) -- The owners of mortgage company in this Columbus suburb have been indicted and arrested on allegations of stealing $5 million in home refinancing money.
Police said the money was to have been used to pay off mortgages for people refinancing their homes through Ameribanc Mortgage Lending. Forty-one homeowners were left with two loans because their first one remained unpaid.
Michael Davis, 41, and his wife, Brenda, were indicted by a Franklin County grand jury Thursday on charges involving theft, money laundering and other crimes.
Also indicted were Ameribanc, owned by the Davises, and Buckeye Land Title, owned by Brenda Davis.
Ameribanc closed its Westerville offices in January after a lender, Mortgage Network, accused the company of embezzlement and fraud.
Mortgage Network and prosecutors said Ameribanc received money to pay off mortgages during refinancings but, between October and December, failed to pay off 41 of them.