McCain campaign chair indicted for wire fraud, money laundering

The AP notes that 3rd term Congressman Rick Renzi (R-AZ) has been indicted on federal charges of extortion, wire fraud, money laundering in a land deal that resulted in Renzi pocketing hundreds of thousands of dollars.

The grand jury accused Renzi of using his position as a member of the House Natural Resources Committee to push the land swaps for business partner James W. Sandlin, a real estate investor from Sherman, Texas. The indictment comes after a lengthy federal investigation into the land development and insurance businesses owned by Renzi's family.

Authorities allege Renzi and Sandlin concealed at least $733,000 that the congressman took for helping seal the land deals. They are each charged with 27 counts of wire fraud, extortion and money laundering, and conspiracy connected to a transaction in Cochise County, Ariz.

"Renzi was having financial difficulty throughout 2005 and needed a substantial infusion of funds to keep his insurance business solvent and to maintain his personal lifestyle," the indictment says.

Additionally, Renzi and his second business partner, Andrew Beardall of Rockville, Md., are accused of embezzling more than $400,000 in insurance premiums in 2001 and 2002 to fund his first congressional campaign.

All three men are to appear in court in Tucson on March 6.

According to the indictment, Renzi refused to secure congressional approval for businesses, unless they also purchased land owned by one of his partners.

Renzi is the Chair of John McCain's campaign in Arizona.