PHOENIX - Four men were arrested and indicted in a scam that targeted college students looking for employment on Craigslist, said Attorney Mark Brnovich.

Twelve victims have been identified. Most of them were in their 20s and looking for part-time work while going to school.

Arizona Attorney General Special Agents arrested brothers Aaron and Matthew Blodgett, and their associates Zoran Vuckovic and Damir Karadascevic Thursday morning.

The brothers allegedly posted "help-wanted" ads on Craigslist.

They told the victims who applied that they had bad credit, and encouraged the students to take out loans, which they promised to pay to better their scores.

According to the indictment, after the victims obtained the loans, the defendants never paid them off, deteriorating the victims' credit scores.

More than $118,000 was allegedly stolen from the 12 victims.

All four defendants are facing charges of conspiracy, illegally conducting an enterprise, fraudulent schemes and artifices, theft, and securities fraud. Additionally, the Blodgett brothers are charged with the sale of unregistered securities, transactions by unregistered dealers and salesmen, and money laundering.