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 fraudulent schemes to defraud mortgage companies to secure financing for the purchase of a home in West Chester, Pa., and for refinancing a mortgage on a residence located in Naples, Fla.

According to the indictment, Gee and Basilovecchio fraudulently secured approximately $304,000 from National City Mortgage Co. for the purchase of a residence in West Chester, Pa., and approximately $289,000 from Wachovia Mortgage Co. for the refinancing of the Naples property.

Gee is also accused of defrauding Farmers First Bank by obtaining a $38,300 loan for the purchase of a motor vehicle using false information regarding her income and earnings.

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Send tips or a Letter to the Editor to janis@inman.com or call (510) 658-9252, ext. 140.

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