From Staff Reports
CUMBERLAND — Trial has been set for May 5 for two Garrett County developers who were indicted last month by a federal grand jury on charges related to a $3.7 million bank fraud conspiracy.
A court spokesman advised of the date of the trial in U.S. District Court in Baltimore for Samuel R. VanSickle, 49, of Accident, and Louis W. Strosnider III, 47, of Oakland, following their recent initial court appearances.
VanSickle and Strosnider both have entered pleas of not guilty to the charges contained in a six-count indictment that alleges from Dec. 21, 2001, through June 30, 2004, they devised a scheme to fraudulently obtain money and property from financial institutions.
Specifically, VanSickle purchased two properties and allegedly concealed the ownership and control of the properties using false names and identities; inflated the value of the properties through fraudulent loans and mortgages; and entered into sales contracts with Strosnider at inflated prices with fictitious down payments. Strosnider then obtained bank loans with fraudulent collateral to finance sales of the properties.
Entities controlled by VanSickle sold the properties to Strosnider, with the purchase prices actually being paid to VanSickle in the name of companies he controlled, according to the indictment.
The indictment seeks forfeiture of $3,751,000 and 40 properties held in VanSickle’s name or in the names of nominees in Maryland, West Virginia and Pennsylvania.
The defendants face a maximum sentence of 30 years in prison for the conspiracy and for each of the five counts of bank fraud.
