Lawton woman pleads guilty to fraud of more than $7 million

Lawton woman pleads guilty to fraud of more than $7 million

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.

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