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Arizona: Renzi indicted

ABC News reports: A federal grand jury in Arizona has indicted three-term Republican Congressman Rick Renzi and two of his business associates on charges that include wire fraud, money laundering, insurance fraud and extortion.

The 35-count indictment alleges that between December 2001 and March 2002, Renzi embezzled $400,000 in insurance premiums from a company that he owned and transferred the money to his congressional campaign.

Renzi transferred ownership of the company, called Patriot Insurance Agency Inc., to his wife in 2004.

The lawmaker is also accused of enriching himself by compelling a copper mining interest, referred to as "Company A" in the indictment, to buy a parcel of land from his associate James Sandlin in exchange for his sponsorship of legislation sought by Company A.

When negotiations for the sale were stalled, Renzi allegedly told Company A "no Sandlin Property, no bill." -- ABC News: Congressman Indicted for Fraud, Extortion

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