Colorado Springs police have issued warrants for 14 people believed to be involved in a racketeering ring that has defrauded more than $40,000 from banks.

Police said the ring recruits people to open bank accounts using their own identities, and then has the recruits deposit stolen checks to artificially inflate the account.

In the scheme, money from the accounts is withdrawn from an ATM before the checks are processed by the banks.

Police said the stolen money was laundered through car purchases.

All suspects are between the ages of 18 and 26, are facing charges including theft, forgery and identity theft. Several suspects, including Jaylen Alexander Mitchell, believed to be the primary organizer could face up to 24 years in prison if convicted of the crimes, police said.

Police are looking for the following suspects:

Jaylen Alexander Mitchell AKA: Jaylen Ross, 20

Terrance Christopher Walker Jr. AKA: "TJ",20 year

Telsa Marie Guzman,22

lfred Joseph Beals III,19

Mr. Cordell Anthony Lacour,21

Bryan Dauone Bennett, 21

Darius Noelopan Keilan Paia,25

Hannah A. Wilkerson. 18

Jennifer Nicole Espinosa,23

Michael Anthony Walker,20

Randall Ray Roth,18

Rebecca Marie Garcia,21

Stacy Dane Farris, 24

Jessica Hoover,19