Jul.04, 2010, 8:09 PM

COLUMBUS, Ohio, July 4 (UPI) -- A 46-year-old luxury home builder in Ohio could spend the rest of his life in prison after his conviction in an $18 million loan scheme.

A federal jury in Columbus deliberated more than 13 hours before finding Thomas E. Parenteau guilty on 11 counts Saturday and is expected to be sentenced within three months, The Columbus Dispatch reported.

He faces up to 130 years in prison for bank and wire fraud, tax conspiracy, money-laundering, conspiracy to obstruct justice and witness-tampering.

Federal prosecutors said Parenteau and his wife Marsha bought a mansion in 2003 for $1.8 million through a trust, then used fraudulent documents to get $18 million in loans against the property. He sold seven other properties at inflated prices to buyers who later received kickbacks, prosecutors said.

The case involves 10 other defendants, including Parenteau's former mistress, who pleaded guilty to federal conspiracy charges and agreed to wear a recording device to secretly tape conversations with other defendants.

Parenteau acted as his own attorney and told the jury early in the 28-day trial, "I'm an entrepreneur, not a crook." He testified for two days himself, then called as a witness his wife, who testified three days, the Dispatch said.

In his closing argument, Parenteau told the jury the government had framed him, his ex-mistress made up her fraud story and the U.S. mortgage crisis caused his woes.

Parenteau's accountant, Dennis G. Sartain, has been sentenced to 10 years in prison for tax evasion and fraud and awaits sentencing on other charges. Parenteau's ex-mistress, Pamela McCarty, has pleaded guilty to federal conspiracy charges of tax fraud, money-laundering and bank fraud.

Sentencing of McCarty, Parenteau's wife and most of the other defendants had been postponed until after Parenteau's trial, the Dispatch said.