LOS ANGELES (CBSLA.com) — The FBI says two US citizens have fled to Israel as the feds were investigating their part in a $33 million bank fraud.

Aviv Mizrahi, AKA Aviv Shoham Schwartz, 53; and Aryeh Greenes, 58, both residents of the Fairfax District of Los Angeles, were charged Thursday in an indictment returned by a federal grand jury in United States District Court in Los Angeles.

The 34-count indictment charges the men with bank fraud and making false statements in loan applications.

Mizrahi faces a maximum statutory sentence of 1,020 years in federal prison if convicted. Greenes faces a maximum statutory sentence of 330 years in federal prison if convicted.

According to the indictment, Mizrahi operated companies including New Electronic, Inc. and Tech Club, Inc. that operated as wholesalers of consumer electronics, including televisions and DVD players. Mizrahi also operated a retail store in Culver City known as Star Club. According to the indictment, Mizrahi and Greenes, the CFO of New Electronic and Tech Club, used fake financial records over a four year period to obtain a $28 million line of credit from United Commercial Bank and a $3 million line of credit from TomatoBank. Mizrahi allegedly used fake records to obtain another $5 million line of credit from Security Pacific Bank. According to the indictment, the banks suffered over $33 million in losses due to the fraudulent scheme operated by Mizrahi and Greenes.

Security Pacific Bank and United Commercial Bank failed and were placed into the hands of the Federal Deposit Insurance Corporation (FDIC). The bank failures cost the FDIC losses in excess of $1 billion.

Mizrahi was previously charged with bank fraud in an indictment returned under seal by a federal grand jury in May 2012.