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Federal trial in May for two Garrett County developers

From Staff Reports

Cumberland Times-News

CUMBERLAND — Trial has been set for May 5 for two Garrett County developers who were indicted last month by a federal grand jury on charges related to a $3.7 million bank fraud conspiracy.

A court spokesman advised of the date of the trial in U.S. District Court in Baltimore for Samuel R. VanSickle, 49, of Accident, and Louis W. Strosnider III, 47, of Oakland, following their recent initial court appearances.

VanSickle and Strosnider both have entered pleas of not guilty to the charges contained in a six-count indictment that alleges from Dec. 21, 2001, through June 30, 2004, they devised a scheme to fraudulently obtain money and property from financial institutions.

Specifically, VanSickle purchased two properties and allegedly concealed the ownership and control of the properties using false names and identities; inflated the value of the properties through fraudulent loans and mortgages; and entered into sales contracts with Strosnider at inflated prices with fictitious down payments. Strosnider then obtained bank loans with fraudulent collateral to finance sales of the properties.

Entities controlled by VanSickle sold the properties to Strosnider, with the purchase prices actually being paid to VanSickle in the name of companies he controlled, according to the indictment.

The indictment seeks forfeiture of $3,751,000 and 40 properties held in VanSickle’s name or in the names of nominees in Maryland, West Virginia and Pennsylvania.

The defendants face a maximum sentence of 30 years in prison for the conspiracy and for each of the five counts of bank fraud.

More here.

Two Garrett County Developers Charged in Fraud Scheme Head to Court

GARRETT COUNTY, Md. – According to officials with the U.S. District Court in Baltimore, two Garrett County developers pleaded not guilty on Friday to an indictment accusing them of a $3.7 million bank fraud scheme.

A federal grand jury indicted Samuel R. VanSickle, 49, of Accident, Md., and Louis W. Strosnider III, 47, of Oakland, Md., on February 11, 2014.

According to the six count indictment, VanSickle and Strosnider owned and developed property in Garrett County.

The indictment alleges from December 2001 through June 2004 VanSickle and Strosnider comprised a scheme to fraudulently obtain money and property from financial institutions through false names, and inflating the value of the properties through fraudulent loans and mortgages.

More here.

Garrett County developers accused of bank fraud

False documents used to secure $3.7 million in loans

By Natalie Sherman, The Baltimore Sun10:29 p.m. EST, February 11, 2014

A federal grand jury indicted two Garrett County developers Tuesday on charges related to a $3.7 million bank fraud conspiracy.

The indictment, announced by U.S. Attorney Rod J. Rosenstein and FBI Special Agent in Charge Stephen E. Vogt, alleges that the two developers, who were involved in land deals together, used fake documents that included false names and inflated sales prices to secure a total of $3.751 million in bank loans for two properties in Garrett County. The charges apply to a scheme conducted between Dec. 31, 2001 and June 30, 2005, according to the indictment.

One of the accused, 49-year-old Samuel R. VanSickle of Accident, used five aliases and established six business names, the indictment said. He worked with Louis W. Strosnider III, 47, of Oakland, to secure the loans, according to the indictment.

Read more: http://www.baltimoresun.com/business/real-estate/bs-bz-bank-fraud-indictment-20140211,0,3908028.story#ixzz2y1FExlfi