BOISE, Idaho (AP) โ€” A federal grand jury in Boise indicted two former Idaho residents Wednesday on multiple counts of financial fraud and making false statements on mortgage applications.

A 17-count indictment of Aaron Hymas, 37, and Tiffany Hymas, 36, also includes allegations of wire fraud and bankruptcy fraud, according to federal prosecutors.

The charges stem from an investigation into Crestwood Construction and Crestwood Inc., companies engaged in remodeling and reselling homes in Utah and Idaho.

The indictment alleges that between Feb. 2005 and March 2007 the couple made false statements on 30 mortgage loans worth $8 million. Prosecutors claim the couple inflated their monthly income and that those fraudulent documents caused significant losses for banks.

The couple, now living in Bountiful, Utah, are also accused of scheming to defraud creditors in April 2007 โ€” nearly a year before filing for bankruptcy โ€” by hiding their assets. Bankruptcy documents filed in June 2008 showed the Hymases were nearly $70 million in debt.

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The Hymases are additionally charged with transferring $325,000 into accounts for various trusts and entities they formed just months before filing bankruptcy, according to the indictment.

Prosecutors alleged that Aaron Hymas, the former chief operating officer of Crestwood Construction, also fraudulently helped other individuals obtain four residential loans worth approximately $3 million.

If convicted, the Hymases could each face up to 30 years in prison and up to $1 million in fines. They are scheduled to appear in federal court in Boise on March 7.

Nine other people have been convicted and sentenced in separate cases related to the Crestwood investigation.

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