Couple Draws Federal Prison Time for Mortgage Scam
Posted May 1, 2007
Greenville, N.C. — 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.