Monday, September 8, 2014

Woman faces fines, prison time for bank fraud in financing $1.85M Raleigh home

A Raleigh woman could face up to 80 years in prison and a $2.25 million fine after prosecutors say she defrauded the likes of Bank of North Carolina and Liberty Mutual to buy a seven-figure home.

Teresa Lyn Fletcher has pleaded guilty to two counts of bank fraud and one count of mail fraud stemming from a 2013 scheme that court documents allege happened over a 10-month time frame.

Fletcher is accused of providing false information about her income and assets to Bank of North Carolina in order to obtain a personal loan. Specifically, they say she submitted bogus wage records and the bank approved the loan based on those records.