Local News

Couple Draws Federal Prison Time for Mortgage Scam

Posted May 1, 2007 12:04 p.m. EDT

— 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.