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Maryland businessman charged in $50M bank fraud case

In this Sept. 24, 2013, file photo, freshly-cut stacks of $100 bills make their way down the line at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth, Texas.(AP Photo/LM Otero, File)

In this Sept. 24, 2013, file photo, freshly-cut stacks of $100 bills make their way down the line at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth, Texas.(AP Photo/LM Otero, File)

A federal grand jury has indicted a Maryland businessman for allegedly scheming to fraudulently obtain $50 million in bank financing for his company and diverting some of the money for personal use.

Officials say 56-year-old Mark Ian Gaver of Bonita Springs, Florida, is charged with eight counts of bank fraud and two counts of money laundering.

Prosecutors say Gaver, who was indicted last week, founded Gaver Technologies, an information technology company based in Frederick. They allege that between 2008 and 2016, he submitted false financial documents to Santander Bank to obtain extensions and increases in lines of credit.

Gaver, who is being detained pending trial, could face several decades in prison if convicted on all counts.

Gaver’s public defender declined to comment Tuesday.