TRENTON (1010 WINS)  -- A dentist from Staten Island, N.Y., and a New Jersey woman were indicted Wednesday on charges they fraudulently obtained $1.36 million in mortgages and spent the proceeds on items such as a yacht, house and sport utility vehicle, the U.S. Attorney's Office said.

U.S. Attorney Christopher J. Christie said the 23-count indictment charges dentist Terrence D. Stradford, 46, of Staten Island, and his former employee, Christina Hachadoorian, 35, of Burlington City, N.J., with wire fraud and money laundering.

Stradford was arrested on Jan. 11 and released on $500,000 bail pending trial. His attorney, Thomas Ashley, said Stradford maintains his innocence and will fight the charges.

Hachadoorian appeared in federal court on a summons on Feb. 6 and was released on a $10,000 personal recognizance bond. Her attorney, Randy Davenport, could not be reached for comment.

The indictment alleges the two used fraudulent documents and false statements, established fictitious companies and opened bank accounts in the fake companies' names to obtain mortgages secured by a property in West Berlin, N.J.

The two allegedly used that property as collateral for mortgage loans and spent the money on themselves, including a June 2004 purchase of a 46-foot yacht. They used allegedly used several aliases throughout the scheme.