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Garrett County developers accused of bank fraud

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.

The six-count indictment asks for forfeiture of $3,751,000 and 40 properties in Maryland, West Virginia and Pennsylvania held in VanSickle's name or in the names of nominees. They are due in U.S. District Court in Baltimore Feb. 28.

Copyright © 2014, The Baltimore Sun
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