David Saks: WOMAN SENTENCED TO 18 MOS IN PRISON FOR MORTGAGE FRAUD & TAX EVEASION

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WOMAN SENTENCED TO 18 MOS IN PRISON FOR MORTGAGE FRAUD & TAX EVEASION

Cynthia Suratos Lorica Sentenced for Mortgage Fraud and Tax Evasion

U.S. Attorney’s Office February 26, 2013
  • Northern District of California (415) 436-7200
 

OAKLAND—Cynthia Suratos Lorica was sentenced yesterday to 18 months in prison and ordered to pay more than $1 million in restitution for bank fraud and tax evasion, United States Attorney Melinda Haag announced.

Ms. Lorica, age 51, of Hayward, California, waived indictment and pleaded guilty to an information charging her with bank fraud and tax evasion. According to the plea agreement,

Ms. Lorica admitted to participating in a fraudulent scheme to obtain money from Washington Mutual Bank in 2006 and 2007 by making false statements in loan applications secured by real property.

During that time period, she was the owner and chief executive officer of All Ways Financial Services Inc., a financial services company.

She was also an officer of Absolute Value Financial Inc. Absolute Value was licensed by the state of California to originate mortgage loans and to engage in real estate transactions.

Both businesses were located at 3900 Newpark Mall Road, Suite 201 in Newark, California. Ms. Lorica was involved in the preparation and submission of loan applications to various federally insured financial institutions and other lending institutions.

Ms. Lorica also admitted to evading taxes on income she received in 2006 and 2007.

She admitted to substantially under-reporting her gains from the sale of real estate as well as under-reporting her income from All Ways Financial and claiming a mortgage interest deduction that she was not entitle to receive.

The sentence was handed down by Chief U.S. District Court Judge Claudia Wilken following a guilty plea on one count in violation of 18 U.S.C. § 1344(2) and one count in violation of 26 U.S.C. § 7201. Judge Wilken also sentenced the defendant to a three year period of supervised release. The defendant will begin serving the sentence on March 27, 2013.

This prosecution is the result of an investigation by the Federal Bureau of Investigation and the Internal Revenue Service.

A copy of this press release may be found on the U.S. Attorney’s Office’s website at www.usdoj.gov/usao/can.




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Comment balloon 0 commentsDavid Saks • February 26 2013 03:10PM

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