RALEIGH - A Raleigh man has pleaded guilty to federal charges stemming from allegations that he used his father's and brother's identities to obtain loans without their knowledge.

William Montelle Loyd III, 56, conspired with two other people to obtain 16 loans for $2.6 million from the Internet company E-loan with false documents regarding employment, salary, appraisals and tax information, prosecutors said in a news release.

The scheme took place from November 2002 to December 2006, according to an indictment.

Loyd pleaded guilty Monday in U.S. District Court in Raleigh to aggravated identity theft and conspiracy to commit mail and wire fraud. He is to be sentenced at a later date.

Loyd's co-defendants -- Kelley Ann Spaulding of Durham, 38, and Elizabeth Whitaker Clement, 46, of Raleigh -- pleaded guilty in June to conspiracy to commit wire fraud. They are scheduled to be sentenced Nov. 3.

Get $150+ in coupons in every Sunday N&O. Click here for convenient home delivery.