IDG News Service — A former IT analyst at the Federal Reserve Bank of New York and his brother were arrested Friday on charges that they took out loans using stolen information, including sensitive information belonging to federal employees at the bank.

Prosecutors allege that Curtis Wiltshire, 34, took out student loans totalling US$73,000 using the stolen information. His brother, Kenneth Wiltshire, 40, is charged with using the identities of two federal employees to try and obtain a loan for a 2006 Sea Ray 340 Sundancer speedboat.

The charges (pdf) come two months after federal investigators found two 2006 student loan applications on a thumb drive attached to the work computer of Curtis Wiltshire, who had worked at the Reserve Bank for nearly eight years as an information and technical analyst.

According to court documents, that investigation was unrelated to the fraud charges. Wiltshire was dismissed soon after the drive was found on around Feb. 15, prosecutors said.

The charges were filed in the federal court in Manhattan. The two men could not be reached for comment Friday and the names of their lawyers were not included in the court documents.

Curtis Wiltshire had "access to computer files containing information about employees of the [federal bank], including their names, dates of birth, Social Security numbers, and photographs," U.S. Federal Bureau of Investigation Special Agent Cordel James said in an affidavit filed in the case.

Curtis Wiltshire was charged with bank fraud and identity theft and faces more than 30 years in prison if convicted. His brother was charged with mail fraud and identity theft and faces a maximum of 22 years in prison.