Joseph Mollicone Jr., a former investment banker at the Providence, R.I.-based Heritage Loan & Investment Co., was indicted Monday on 47 counts of fraud, embezzlement, and conspiracy, according to state Deputy Attorney General Tom Connell.

Mr. Connell said the indictment alleges that Mr. Mollicone, either alone or with unindicted co-conspirator Peter Iannuccilli, a former vice president at Heritage, defrauded Heritage out of $15.8 million over six years.

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