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Couple Draws Federal Prison Time for Mortgage Scam

Posted May 1, 2007

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— A former UNC accounting technician and her husband are headed to federal prison for their roles in a mortgage scam, the U.S. Attorney's office says.

Isaac Lee Woods, 48, will spend seven years in prison. Regina Bailey Woods, 46, was sentenced to two years.

A year ago, a federal jury convicted Regina Woods and her husband of conspiracy and mortgage fraud while running a company that did business as Unlimited Financial Resources.

Prosecutors said the Durham couple stole more than $1 million in the scheme that arranged government guarantees for phony mortgages. As part of their sentences, they also must pay $1 million in restitution.

Despite the conviction, Regina Woods continued working at UNC-Chapel Hill as an accounting technician.

After WRAL asked questions about Woods' employment, Chancellor James Moeser ordered she be fired immediately.

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  • colliefan May 1, 2007

    A year ago, a federal jury convicted Regina Woods and her husband of conspiracy and mortgage fraud while running a company that did business as Unlimited Financial Resources.

    Who in his right mind would do business with a company entitled "Unlimited Financial Resources?" But given the lack of understanding of basic economics in the general populace I guess this is a stupid question. I guess it is similar to doing business with a place called "Reliable Loans."

  • countess May 1, 2007

    Can you believe this?? They just fired her after being questioned about it??

  • mramorak May 1, 2007

    Wow it'S amayzing being down here in the bible belt for the last seven years how many hands are being caught dipping in the kiddy!

  • Stormy13 May 1, 2007

    What is wrong with UNC-Chapel Hill? Better have an audit if she is and contines to work in their accounting department!