June 4, 1963 - A Federal grand jury in Chicago indicted James R. Hoffa and seven other persons today on charges of having fraudulently obtained $20 million in loans from a Teamster union pension fund. The indictment, announced by the Justice Department in Washington, D.C., said the 8 men had diverted $1 million of the loans for their own benefit. Mr. Hoffa, who is president of the International Brotherhood of Teamsters, is under indictment in two other cases in Nashville. His office in Washington withheld comment on today’s charges. The diverted funds included at least $100,000 that, the indictment charged, Mr. Hoffa used to help extricate himself from financial involvement in a Florida housing development. The indictment followed two years of work by the FBI and the grand jury.
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