A Vallejo woman has been indicted by a federal grand jury for mortgage and bankruptcy fraud, the Department of Justice announced today.Myra Holmes, 52, is charged with concealment of assets and bank fraud, United States Attorney Joseph p. Russoniello said. The indictment on Sept. 23 remained sealed until Tuesday morning when Holmes was arrested in Vallejo and made her first court appearance before U.S. Magistrate Judge Patricia Trumbull, according to the Department of Justice.The indictment accuses Holmes of enriching herself by convincing her father, who had previously filed for Chapter 11 bankruptcy, to convey to her, without notifying the bankruptcy court or trustee, his interest in the property where she lived.After Holmes obtained her father’s interest in the property, she allegedly withdrew the equity from the property through a refinancing mortgage loan procured with a fraudulent refinancing application, the Department of Justice said. Holmes received a refinanced mortgage that increased the outstanding mortgage on the Vallejo property from approximately $180,000 to approximately $338,000, according to the indictment.Holmes allegedly received $130,000 that was wired to her personal bank account and arranged for a title company to wire several checks out of escrow to settle personal debts, according to the indictment. By the end of April 2006, Holmes had spent on personal expenses virtually all of the $130,000 she fraudulently received as a result of the November 2005 refinancing of the Vallejo property, the Department of Justice said.To date, Holmes has not repaid the bankruptcy estate for the money she took from the Vallejo property in the refinancing, according to the Department of Justice.Holmes was released after executing a co-signed bond of $50,000 and her next scheduled court appearance is Oct. 28 in U.S. District Court.The maximum statutory penalty for concealment of assets is five years in prison, a $25,000 fine and restitution. The maximum statutory penalty for bank fraud is 30 years imprisonment, a $1 million fine and restitution, the Department of Justice said.