5 On Your Side

Grand Jury Indicts Suspect In Real Estate Scheme

Posted August 19, 2005 7:01 a.m. EDT

— A man charged with fraud in connection with his two companies was indicted by a grand jury Friday.

Prosecutors say Jim Davis orchestrated an elaborate real estate scheme that involved investors, renters, homebuilders, buyers and sellers.

If convicted, Davis could face up to 20 years in prison.