A Loudoun County man and woman have been indicted for a $20 million mortgage-fraud scheme that involved more than 35 homes, according to court documents.

Robert Mikail, 40, and Ging-Hwang "Felicia" Tsoa, 58, were charged earlier this month with conspiracy and bank fraud.

According to the indictment filed in federal court in Alexandria, Mikail, Tsoa and others conspired from about 2005 to 2007 to get financial institutions to lend money for home mortgages based on fraudulent documents. Transactions involving 36 properties in Northern Virginia were part of the scam.

Mikail recruited people to let him buy homes in their names. He lured the straw buyers into participating in the scam by agreeing to find the properties, obtain financing, close the transactions, pay the mortgage payments, find renters and sell the properties for a profit.

The conspirators got their straw buyers to submit mortgage loan applications that contained omissions and false and misleading statements to mortgage lenders. They also created fraudulent documents in an effort to support the false information on the applications, according to the indictment.

Both Mikail's and Tsoa's places of business were tied to the scheme. Borrowers would falsely claim on applications that they were employed by Mikail's jewelry store in Ashburn, and many of the loan applications were processed by Tsoa through the companies where she worked as a loan officer, according to the indictment.

They initially profited by receiving commissions and other payments when the purchases closed, the indictment says. They also planned to profit from reselling the properties.

In total, according to a court document, more than $19.8 million in proceeds were obtained as a result of the scam. However, officials said that all of the loans ultimately defaulted and the lenders suffered significant losses.

A third co-conspirator, Bing-Sing Wang, pleaded guilty to conspiring to commit bank fraud in November and was sentenced to two years in prison, according to court documents.

Mikail is serving a 3-year prison sentence after being convicted of swapping out customers' diamonds with cheaper stones at his jewelry store in Great Falls. He was sentenced in that case in Fairfax County Circuit Court in December, a prosecutor said.