Two residents have been indicted by a federal grand jury on charges of bank fraud conspiracy, false statements and bankruptcy fraud conspiracy, the U.S. attorney's office in Pittsburgh announced today.
The seven-count indictment, returned on Tuesday, Dec. 20, names David F. Baker III, 62 and Beth B. Baker, 61, of Cardinal Lane, Sewickley Heights as defendants.
According to the indictment, the Bakers conspired to defraud J.P. Morgan and Washington Mutual Bank in mortgage applications in 2005 and 2007 on a $2.5 million condominium in Sarasota, Florida.
The couple could each face a maximum sentence of 165 total years in prison, a fine of $6.25 million or both, according to a news release. The actual sentence imposed will be based upon the seriousness of the offenses and the prior criminal history, if any.
Assistant United States Attorney Gregory C. Melucci is prosecuting the case.
The Internal Revenue Service's criminal investigation unit conducted the investigation leading to the indictments.