Calif. brokers indicted in $7 million lender theft

SACRAMENTO, Calif. - Two California mortgage brokers have been indicted on charges that they stole more than $7 million from a Florida lender.

A federal grand jury on Thursday indicted 26-year-old Christopher Warren of Folsom and 27-year-old Scott Cavell of Sacramento. They face 44 counts of wire fraud, money laundering, passport fraud, and aggravated identity theft.

Warren was arrested with $70,000 stuffed in his cowboy boots as he re-entered the United States from Canada last month. He also faces charges of buying millions of dollars in gold that he took with him during an escape to Lebanon.

Cavell remains a fugitive.

They face multiple 20-year prison terms if convicted.

Warren's attorney, Don Heller, says he hopes to get the case resolved so his client can get on with his life. Cavell's attorney, Miles Ehrlich, declined comment.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.