Woman sentenced to prison in mortgage scam
Sat, 21 Feb 2009 21:33:29 GMT —
A San Antonio woman convicted with her husband of bilking mortgage lenders out of $1.67 million has been sentenced to more than six years in prison.
A federal judge sentenced 57-year-old Veronica DeGuzman to 75 months in prison yesteday.
The judge also ordered her to repay three banks the money she and her husband netted from a scheme that contributed to the country's housing crisis.
The San Antonio Express-News reports Veronica and Fred DeGuzman pleaded guilty last year to aiding and abetting each other to commit bank fraud and aggravated identity theft.
Fred DeGuzman's sentencing is scheduled for March 20.
The charges stemmed from a national crackdown by the FBI on housing and mortgage fraud.
The DeGuzmans admitted convincing property owners to inflate the sale prices of their homes.
The couple then used fake identity, employment and asset documents to obtain mortgages at inflated amounts.
On closing, they pocketed all or most of the difference.
They eventually allowed the mortgages to go into default.