Snowmass condos tied to bank fraud in Oklahoma | AspenTimes.com

Snowmass condos tied to bank fraud in Oklahoma

An Oklahoma woman recently pleaded guilty to bank fraud in federal court in connection to inflating the value on one of four condo units in Snowmass Village in order to get a loan, while using the three other units in a scheme to defraud investors.

Sentencing for Lori Christine Woodson, 62, who also pleaded guilty to one count of wire fraud, will take place within 30 days of April 22, according to an announcement made by First Assistant U.S. Attorney Robert J. Troester. The announcement said no further information would be provided beyond the news release or court records.

Pitkin County property records show that the limited liability company Woodson Sweeney Viceroy acquired three units at the Viceroy Snowmass for a combined $1.6 million in November 2013. Woodson and three others controlled the LLC.

Prosecutors said Woodson committed wire fraud and defrauded two of the investors by arranging two payments from them through email communications, while falsely representing to the investors the purpose of the payments.

Woodson had two investors pay $160,360 in earnest money prior to the 2013 acquisition, an amount that she said represented half of the total amount of earnest money, prosecutors for the Western District of Oklahoma said in an information dated Jan. 28. However, that figure was actually the total amount, prosecutors said, also noting that Woodson used more than half of the two investors’ June 2015 payment of $40,000 — which she said was for homeowners association dues and loan payments — “for her personal benefit,” prosecutors said.

Woodson committed bank fraud in September 2014 by overstating her interest in another Snowmass unit she owned — a residence at Chamonix Condominiums — to lender Fort Still National Bank. Prosecutors also said Woodson overstated the value of a real estate company she owned, and made other misstatements about her financial condition to the bank, which provided her a $1 million loan.

“She additionally understated her liabilities to other banks by approximately $3 million,” Troester’s announcement said. “According to the information, Woodson defrauded two acquaintances by misappropriating purported investments in Snowmass condominiums.”

Prosecutors are seeking more than $7.5 million in criminal forfeiture from Woodson, who has related civil matters including a bankruptcy declaration.

Additionally, the bank fraud conviction carries up to 30 years in prison, supervised release of five years and a maximum fine of $1 million. The wire fraud could result in up to 20 years prison, supervised released of three years and a $250,000 maximum fine.

The investigation was led by the Department of Treasury’s Office of Inspector General and the FBI Oklahoma City Division, with the assistance of the Comanche County District Attorney’s Office and the Oklahoma State Bureau of Investigation. Assistant U.S. Attorney William E. Farrior is the lead prosecutor.

rcarroll@aspentimes.com


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