BOSTON -- Two Cape Cod real estate developers have been indicted on charges of defrauding two now-insolvent Massachusetts banks of $38 million in loans.

The two allegedly used proceeds intended for loan repayments to purchase luxury automobiles, jewelry and properties in other states.

Patricia Harrison, 48, and her husband, Stephen Harrison, 57, who now live in Hollywood, Fla., were accused yesterday of engaging in schemes to defraud several banks.