PITTSBURGH — A Wexford man was indicted by a federal grand jury Tuesday on charges of wire fraud and conspiracy in connection with a mortgage fraud scheme.

According to the three-count indictment, Michael Ferrazza, 43, bought three properties, including his own residence.

The loan transactions that financed the sales were fraudulent, according to a statement released by the Department of Justice, because closing documents by the lender indicate Ferrazza made substantial down payments on each purchase when, in fact, he did not make down payments and actually received cash back in each transaction.

The maximum sentence Ferrazza faces is 60 years in prison, a $750,000 fine, or both.

The investigation leading to the indictment was conducted by the Mortgage Fraud Task Force, comprised of federal, state and local law enforcement agencies.