A Garrett County developer has been sentenced to two years in prison for conspiring to commit bank fraud.
A U.S. District Judge Marvin J. Garbis sentenced Samuel R. VanSickle, 52, of Accident, Maryland, for his role in a $5.7 million bank fraud scheme.
The scheme involved VanSickle and co-defendant Louis Strosnider, who owned and developed property in Garrett County, Maryland, and operated Stony Brook Development Company in McHenry, Maryland.
According to the plea agreement, from December 2001 to May 2005, Strosnider fraudulently obtained real estate loans from banks to buy properties controlled by VanSickle through fictitious identities.
The scheme also involved fictitious down payments, inflated collateral, and false contracts.
VanSickle received over $5.7 million in sales proceeds from the fraudulent transactions, and was ordered to forfeit and pay restitution of $2,755,102.50.
A related case, Angela M. Blythe, was convicted by a federal jury on October 9, 2015, of conspiring with VanSickle to commit bank fraud, bank fraud, and two counts of making a false statement to a bank.
Today’s announcement is part of an ongoing effort to combat financial crime in the state.
Related Federal Cases
- Ramon Ingram, Bank Fraud, Maryland 2015 · Maryland
- Jimoh Babatunde Aderomilehin, Bank Fraud Conspiracy and Aggravated Identity Theft, Maryland 2018 · Maryland
- Wanisha D. Coates, Bank Fraud Conspiracy, Maryland 2012 · New Hampshire
- Stewart Mark Twayne Harris, Bank Fraud and Money Laundering, Maryland 2023 · Maryland
- Mervyn A. Phelan, Sr., Loan Fraud, Maryland 2000 · New Mexico
Key Facts
- State: Maryland
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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