NEWARK, New Jersey (Ticker) -- International Boxing Federation president Robert W. Lee and three other officials of the sanctioning body were indicted today on racketeering charges.

U.S. authorities today unveiled a 32-count indictment that charged the individuals with routinely altering rankings of fighters in exchange for bribes from boxing promoters, managers and other officials.

The 65-year-old Lee was indicted today along with his son, Robert Lee Jr., 38, the liaison to the president of the United States Boxing Association.

Also charged were Donald William Brennan, 86, a former Virginia boxing commissioner who served as past president of the USBA, and Francisco "Pancho" Fernandez, a resident of Colombia who was an international commissioner of the IBF and served as a South American representative for the organization.

Following the payment of bribes, fighters would advance in IBF rankings, making it easier to land attractive bouts.

"Professional boxing is built on the ranking system," Assistant U.S. Attorney Robert J. Cleary said. "Favorable rankings can mean the difference between obscurity for a boxer and a shot at a title bout and a potentially big payday. Selling the ratings system to the highest bidders erodes the image of boxing and deceives the public."

The indictment alleges that bribes of up to $25,000 were made to change rankings. In one instance, a promoter paid $100,000 to influence the IBF to grant a special exemption to defend his title against a specific opponent who was unranked by the IBF.

Each of the defendents is charged with counts of racketeering and racketeering conspiracy. Both counts carry a maximum penalty of 20 years in federal prison and a $250,000 fine. Other charges levied include mail fraud, wire fraud and money laundering.

The names of promoters, managers and others were not identified, in accordance with Department of Justice policy.

Officials of the IBF, based in East Orange, New Jersey, were not immediately available for comment.

The investigation preceded the controversial draw in a heavyweight title bout between Evander Holyfield and Lennox Lewis earlier this year. The decision prompted an investigation by New York officials into the IBF's policy on the hiring of judges.

The IBF has faced legal problems in the past. Former IBF heavyweight champion Michael Moorer received an out-of-court settlement after accusing Lee of soliciting bribes and extorting payments from fighters.

The IBF acts as the sport's governing bodies along with the World Boxing Council and the World Boxing Association.