David F. Baker III, 62, Sewickley Heights, Pennsylvania, pleaded guilty in federal court to a charge of bankruptcy fraud conspiracy admitting that he defrauded two lenders.
In connection with the guilty plea, Baker conspired to defraud J.P. Morgan and Washington Mutual Bank in mortgage applications in 2005 and 2007 on a $2.5 million condominium located at 1300 Ben Franklin Drive, Unit 502, Sarasota, Florida.
Judge Conti scheduled sentencing for May 17, 2013. The law provides for a maximum total sentence of 20 years in prison, a fine of $250,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.
United States Attorney David J. Hickton announced the guilty plea.
Assistant United States Attorney Gregory C. Melucci is prosecuting this case on behalf of the government.
The Internal Revenue Service, Criminal Investigation, conducted the investigation that led to the prosecution of David F. Baker, III.