Two Pennsylvania residents were indicted on charges of bank fraud, mail fraud and making false statements on loan applications in connection with alleged mortgage fraud schemes said to have taken place in 2002 and 2003. Katie Gee, 28, of West Chester, Pa., and Michael Basilovecchio, 38, of West Chester were indicted in the Eastern District of Pennsylvania. Gee was charged with bank fraud, mail fraud and making false statements, and Basilovecchio is charged in the mail fraud counts. If convicted, Katie Gee faces a maximum possible sentence of 120 years imprisonment, a $2.75 million fine and a 5-year period of supervised release. Michael Basilovecchio faces a maximum penalty of 60 years imprisonment and a $750,000 fine. The indictment alleges that Gee and Basilovecchio engaged in fraudule...
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