OKLAHOMA CITY, OK (TNN) - A Lawton woman pleaded guilty to one count of bank fraud and one count of wire fraud.
According to press release from the US Attorney’s Office, 62-year-old Lori Woodson and another person got a loan of $1,013,902 from Fort Sill National Bank back in 2014.
Woodson overstated her interested in assets, including a condominium in Snowmass, Colorado and a closely held real estate company. She also understates her liabilities to other banks by around $3 million.
Woodson also defrauded two other people by misappropriating investments in the Snowmass condominiums.
According to court documents authorities are seeking more than $7.5 million in criminal forfeiture.
At a hearing Monday, Woodson admitted to committing bank fraud and defrauding the two people.
At sentencing, she faces up to 30 years in prison, as well as a maximum $1,000,000 fine and a term of supervised release of up to five years for bank fraud.
She also faces up to 20 years in prison, a maximum $250,000 fine and a term of supervised release of up to three years for wire fraud.