DENVER -- State authorities charged 10 people in an alleged mortgage-fraud ring involving millions of dollars Monday.

The grand jury indictment announced by the Colorado attorney general's office outlines a scheme in which the suspects allegedly used falsified invoices and shell corporations to pocket a little more than a million dollars from lenders.

It involved 34 properties in Adams, Arapahoe, Denver and Jefferson counties.

According to the indictment, between April 28, 2004, and Dec. 28, 2006, members of this crime ring fraudulently obtained $10.9 million in mortgages. They allegedly used falsified invoices and shell corporations to deceive lenders into paying $1.1 million back to the buyers.

According to the 45-page indictment, Uto Essien, 43, was the real estate broker who orchestrated the plan by negotiating property acquisitions, and directing buyers to create shell corporations to unlawfully divert funds.

Scott Hinkley, 38, was the mortgage broker involved in the majority of the transactions. Hinkley worked with Jennifer Wolsey, a loan processor, to secure loans for buyers by overstating the buyers’ income and understating debt liabilities.

"Essentially, they would find houses that have been on the market for some period of time," said Suthers. "They would pocket the cash, when in fact, no improvements had been done."

Idara Ekiko worked for Uto Essien, and she prepared fake invoices that were used to deceive lenders into paying money to the buyers through shell corporations.

Suthers said this type of fraud impacts all homeowners to a certain extent. "Let's say you have a total of 100 properties involved in one subdivision (and they all fall into foreclosure). That begins to impact property values in the subdivision in which these properties are located," said Suthers.

Those involved are facing charges for theft, forgery and computer crimes. Essien could face more than 20 years in prison if convicted.