A Houston federal grand jury indicted real...
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A Houston federal grand jury indicted real estate developer J. R. McConnell and five others in what officials described as the biggest title insurance fraud scheme in U.S. history. Assistant U.S. Attorney John Smith said McConnell, 40, was the mastermind in an elaborate scheme that netted more than $162 million from banks and savings and loan associations. The FBI and federal prosecutors are continuing to investigate the business dealings of McConnell, a bankrupt millionaire who disappeared from Houston several months ago. An arrest warrant has been issued for McConnell.
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