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OKLAHOMA CITY (KFOR) – A former president of an Oklahoma City-based mortgage company has been federally indicted on several charges.

Earlier this month, a federal grand jury charged 69-year-old Ronald J. McCord with defrauding two locally-based banks, Fannie Mae, and others.

The 24-count indictment includes charges of bank fraud, money laundering, and making a false statement to a financial institution.

Officials say McCord was the former president of First Mortgage Company, an Oklahoma City-based mortgage lending and loan servicing company.

According to the indictment, McCord is accused of defrauding Spirit Bank and Citizens State Bank. Officials say McCord had sold more than $14 million in Spirit/Mortgage Cop. and Citizens/Funding Corp. loans ‘out of trust” when he failed to repay the customers’ loans after they were refinanced or otherwise paid off.

In fact, the indictment alleges that McCord would “double fund” some loans by obtaining funds from both financial institutions for the same loan.

The indictment also claims that McCord defrauded Fannie Mae by diverting escrow monies intended to pay homeowners’ taxes and insurance to cover FMC’s operating expenses. As a result, Oklahoma City homeowners missed making their tax payments.

“The indictment further alleges that McCord laundered the stolen escrow monies by using the funds to write himself checks, pay more than half the purchase price of his son’s $900,000 Oklahoma City home, and build a custom vacation home in Colorado,” a release from the United States Attorney’s Office in the Western District of Oklahoma read.

McCord faces up to 30 years in prison and a fine of up to $1 million on each bank fraud and false statement to a financial institution charge. He also faces up to 10 years in prison and a $250,000 fine on each of the money laundering counts.