Former major league baseball star Nate Colbert Jr. was indicted on bank fraud charges stemming from allegedly falsified loan applications, prosecutors said.

Colbert, 44, of Sandy, Utah, was accused Thursday of listing real estate he did not own as collateral for $138,000 in loans between February 1988 and September 1989.A minor league coach in the San Diego Padres organization the past four years, Colbert is charged with eight counts of bank fraud and four counts of making false statements on a loan application.

If convicted of all charges, Colbert could receive up to 40 years in prison and millions of dollars in fines, a statement from the U.S. Attorney's office in San Diego said.

Colbert played 10 seasons in the major leagues, including six with San Diego, and is the Padres' all-time home run leader with 163.