Sherman, Texas -- Two men have been indicted in a wire fraud conspiracy in the Eastern District of Texas, announced Acting U.S. Attorney Brit Featherston today.

Arlando Jacobs, 52, of The Woodlands, Texas, and Clarence Roland, 56, of Tacoma, WA, were named in a seven-count indictment charging them with wire fraud conspiracy, bank fraud, wire fraud, and aggravated identity theft. The indictment was returned by a federal grand jury in Sherman, Texas last week.

According to the indictment, between October 2011 and April 2017, Jacobs and Roland are alleged to have conspired with each other and others to create and submit fraudulent mortgage lien documents to title companies and financial institutions in order to receive transfers of funds they were not entitled to receive. According to an affidavit for a complaint, the fraud scheme resulted in approximately $3.7 million in fraudulent proceeds.

If convicted, the defendants face up to 30 years in federal prison. The maximum statutory sentence prescribed by Congress is provided here for information purposes, as the sentencing will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the U.S. Probation Office.

This case is being investigated by the Federal Housing Finance Agency-Office of Inspector General, Federal Bureau of Investigation, and Housing & Urban Development-Office of Inspector General. This case is being prosecuted by Assistant U.S. Attorneys J. Andrew Williams and Christopher Eason.

A grand jury indictment is not evidence of guilt. A defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.