A 55-year-old woman will move from a North Raleigh mansion to a federal jail cell after she was sentenced this week to five years in prison for defrauding three financial institutions, using some of the money to purchase and maintain an opulent home.
Teresa Lyn Fletcher’s prison sentence will be followed by five years of supervised probation, according to U.S. District Attorney Thomas G. Walker’s office in Raleigh.
Fletcher pleaded guilty before a federal magistrate judge in September to two counts of bank fraud and one count of mail fraud.
Federal prosecutors accused Fletcher of being “engaged in separate schemes to defraud Bank of North Carolina, TD Bank, and Liberty Mutual Insurance over a 10-month span in 2013,” according to Walker’s office.
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Prosecutors maintained that Fletcher lied about her income and assets and submitted fraudulent wage records in early 2013 when she took loans from the Bank of North Carolina and TD Bank and defrauded Liberty Mutual Insurance, Walker’s office reported.
Fletcher received a loan from the Bank of North Carolina in January 2013 but never made a payment toward the balance.
Investigators determined that when the loan went into default, Fletcher filed a fraudulent identity-theft report to two consumer credit reporting agencies, claiming someone else had opened the loan account.
In February 2013, Fletcher applied for $1.65 million in loans from TD Bank, intending to use the money to buy a $1.85 million home in Raleigh, according to the attorney’s office.
County property records listed Fletcher as the owner of a 7,500-square-foot mansion with a pool in North Raleigh’s Linville subdivision. The home was purchased in February 2013.