BALTIMORE (AP) — A Garrett County developer faces up to 30 years in prison after pleading guilty to bank fraud conspiracy in a scheme involving three properties in western Maryland and West Virginia.
Lewis Strosnider pleaded guilty Thursday in federal court in Baltimore. He’ll be sentenced Nov. 19.
Co-defendant Samuel Vansickle has pleaded not guilty to all charges.
Strosnider acknowledged his role in a series of fraudulent transactions from 2001 to 2005 that caused three banks to suffer losses totaling more than $1 million. The banks were North Carolina-based BB&T Corp.; Ohio-based Sky Bank, since acquired by Huntington Bancshares; and K Bank, a Randallstown, Maryland, institution that failed in 2010.
Along with prison time, prosecutors are seeking forfeiture from the two defendants of about $3.8 million and 40 properties held in VanSickle’s name.
(Copyright 2013 by The Associated Press. All Rights Reserved.)