Crime Pays, But Not in this Case: Citrus Heights Woman Sentenced to 3 Years in Prison
Dianna Woods, a 60-year-old woman from Citrus Heights, California, has been sentenced to 3 years in prison for her role in a mortgage fraud scheme that caused nearly $2 million in losses to banks.
According to evidence presented at her four-day trial in December 2016, Woods was a licensed real estate salesperson who worked at a company called VLD Realty, doing business as Trade House USA, in the Sacramento area.
VLD built and sold houses in residential developments in Sacramento, Carmichael, and Copperopolis. As the housing market began to weaken from 2006 through 2008, VLD sought to sell the houses by offering money to buyers in the form of paying the down payment or giving the buyers money after the transaction, neither of which was disclosed to the lenders.
For her part, Woods purchased two houses based on the undisclosed kickbacks. Further, for the purpose of obtaining mortgage loans to purchase the properties, Woods also signed and submitted loan applications and other documents that contained false statements as to Woods’s income, employment, assets, the purpose of the property, the sales price, and whether the down payment was borrowed.
Woods also assisted another buyer in making false statements to the lenders to get loans for the purchase of two properties in the housing developments and falsely verified his employment.
This case was the product of an investigation by the Federal Bureau of Investigation and Internal Revenue Service-Criminal Investigation. Assistant U.S. Attorneys Shelley Weger and Todd Pickles prosecuted the case.
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Key Facts
- State: California
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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