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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.
Couple Draws Federal Prison Time for Mortgage Scam
RELATED TOPICS: UNC-Chapel Hill, Durham
Copyright 2011 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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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."
May 1, 2007 4:44 p.m.
May 1, 2007 4:39 p.m.
May 1, 2007 2:16 p.m.
May 1, 2007 1:25 p.m.