David Tuggle Jr., 31, and Eric Steinhauser, 29, both of Hillsborough, each face up to five years in prison when they are sentenced in September, the St. Petersburg (Fla.) Times reported.

The state attorney general's office said the pair's crimes were committed in Hillsborough, Pinellas and Polk counties. Attorney General Bill McCollum's office said the men submitted fraudulent mortgage loan documents to Argent Mortgage Co. through Sunstate Mortgage Co. in Brandon.

Between 2003 and 2005, Tuggle and Steinhauser sent more than 300 mortgage loan applications to Argent. Of the fraudulent papers submitted, 280 were funded and collectively valued at more than $34 million.

The men allegedly provided kickbacks for lenders to approve the bogus mortgages, the newspaper reported.