Two executives of the Brooke Corporation have been indicted on federal financial fraud charges for misrepresenting the company’s financial condition in 2007 and 2008.

Robert Orr and Leland Orr are charged with one count of conspiracy to defraud the Securities and Exchange Commission and three counts of making false statements in filings to the SEC.

Brooke Corporation, which sold insurance agency franchises and loans to franchisees, was headquartered in Overland Park and Phillipsburg. The federal indictment accuses the Orr’s of misrepresenting the number of viable franchises and the health of the loan portfolio to the SEC, investors and lenders.

If convicted, they face a maximum penalty of 20 years in federal prison and a fine up to $5 million on each count of making a false statement in SEC filings; and a maximum of five years and a fine up to $250,000 on each of the other counts.

The company collapsed after filing for bankruptcy in 2008.