MIAMI (BNO NEWS) – Four Florida residents were indicted on charges of a multimillion dollar mortgage fraud scheme, prosecutors said Tuesday.

Maria L. Lozada, 40, of Miami, Carlos Cano, 53, of Delray Beach, Robyn L. Colon, 34, of Boynton Beach, and Jose L. Colon, 52, of Boynton Beach, allegedly defrauded three banking institutions and other lenders of more than $6 million in loans.

All four were allegedly engaged in the financing of five residential properties in Miami-Dade County in which Lozada would identify properties that could be used to defraud lenders and then recruited Cano and the Colons to pose as purchasers of the properties, but the loan applications contained fraudulent statements about the purchasers’ employment, assets and intent to live in the properties.

Lozada would use her company, Southeast Florida Marketing, to receive mortgage proceeds and cash rent payments derived from the properties, but after some time, Chevy Chase Bank, Chase Bank, Washington Mutual and other lenders stopped receiving payments and the properties went into foreclosure, which resulted in a loss of approximately $2.5 million.

If convicted, each of the individuals, face a maximum prison sentence of 30 years on each of the nine counts of conspiracy and bank fraud.