Brosnac, 47, of Keller, Texas, allegedly provided investors and lenders with false and fraudulent financial information concerning investment properties, which induced the loans and investments worth $16 million between 2006 and 2008, according to the FBI.
The other co-conspirator in the case was Samuel Pearson, 47, of Hanover, York County, according to the FBI. Pearson was charged separately with conspiracy to commit bank and wire fraud in March 2011 and plead guilty in April, according to the FBI. Pearson is awaiting sentencing.
The scheme included the use of companies under the names "Commercial Concepts," "Realty Concepts," "BF Oil," "Peanut Oil," "Viper Gas," "Sierra Oil Management" and "NYACOR," allegedly controlled by Brosnac and Pearson, according to the FBI. The companies were based in Hanover or Dalton, Pa., California and Nevada, and used accounts at banks in Scranton and Hanover, the FBI said.