MINNEAPOLIS - A long-awaited U.S. grand jury indictment issued Wednesday accuses former Twin Cities' auto mogul Denny Hecker of scheming with one of his employees to defraud lenders of millions of dollars, covering up the crime and using the money to fund his extravagant lifestyle, Automotive News and the St. Paul Pioneer Press reported.

Hecker and a former executive for his company, Steven J. Leach, of Burnsville, are expected to make an initial appearance in U.S. District Court in Minneapolis Thursday afternoon. Neither was taken into custody today. They were each charged with one count of conspiracy to commit wire fraud and five counts of wire fraud. Hecker was also charged with one count of money laundering.

"Obviously we dispute and deny any wrongdoing," Hecker's attorney, Marsh Halberg, said Wednesday. "This is the start of a long process that will now, finally, allow us to air our side of the story."

Robert Sicoli, who represents Leach, declined to comment, saying, "We'll just try the case in court."

The indictment centers around allegations, first made public last summer by Chrysler Financial, that Hecker and Leach forged a document in the fall of 2007 to obtain better financing from Chrysler Financial on a deal to buy vehicles from Hyundai Motor America. It also accuses Hecker of intentionally keeping proceeds from vehicle sales, including the tax, title and license fees that should have been paid to the state of Minnesota.

If convicted, Hecker and Leach each face a maximum penalty of 20 years on each fraud count and Hecker faces an additional 10 years on the money laundering count.