Sarasota Condo Owners Await Sentencing in Federal Court

Sentencing is scheduled in May for a Pennsylvania couple who defrauded banks out of $2.5 million for a condo in Sarasota.

Sewickley Heights, Pa., couple charged with bankruptcy fraud conspiracy, according to the U.S. attorney's office in Pittsburgh.

Beth B. Baker, 62, of Cardinal Lane, pleaded guilty on Friday in U.S. District Court, exactly a week after her husband, David F. Baker III, 63 also pleaded guilty to a single charge in federal court.  

A grand jury returned a seven-count indictment in December 2011 that named the couple in conspiring to defraud J.P. Morgan and Washington Mutual Bank on mortgage applications in 2005 and 2007 for a $2.5 million condominium in Sarasota.

The two previously faced a maximum sentence of 165 years in prison, a $6.25 million fine or both. Each now faces up to 20 years in prison, a fine of up to $250,000 or both. The actual sentence imposed will be based upon the seriousness of the offenses and prior criminal history, if any. 

The Internal Revenue Service, Criminal Investigation conducted the investigation that led to the prosecution.