A Raleigh woman pleaded guilty Monday to defrauding three financial institutions by providing false information and using some of the resulting money to buy a North Raleigh mansion, according to the U.S. Attorney’s Office.
Teresa Lyn Fletcher, 54, pleaded guilty before a federal magistrate judge to two counts of bank fraud and one count of mail fraud, according to the attorney’s office.
Prosecutors contended that Feltcher lied about her income and assets, in two cases submitting fraudulent wage records, as she took loans from the Bank of North Carolina and TD Bank and defrauded Liberty Mutual Insurance during a 10-month span, according to the office of U.S. Attorney Thomas Walker.
One lie led to another
After applying for the first loan, from the Bank of North Carolina in January 2013, Fletcher rapidly spent the proceeds and never made a payment toward the balance.
When the loan went into default, she falsely filed an identity-theft report to a consumer credit reporting agency, claiming that someone else had opened the loan account, according to Walker’s office.
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 list Fletcher as the owner of a 7,500-square-foot mansion with a pool in North Raleigh’s Linville subdivision, purchased in February 2013.
In applying for the loan, Fletcher gave “false information” to TD Bank about her financial situation, including false W-2 tax forms that “grossly inflated” her wages.
She also falsely claimed that she had received a “gift of equity,” according to Walker’s office.
Upon defaulting again, Fletcher again filed a false report of identity theft, Walker’s office stated.
False insurance claims
From May to October 2013, Fletcher “repeatedly made false claims” on her homeowner’s policy for damages to her residence incurred by a spring storm.
She also routinely doctored records from contractors and vendors, and then provided them to the insurance company to support her false claims, according to the attorney’s office.
Fletcher faces a maximum punishment of 80 years in prison, a fine of up to $2.25 million and five years of probation.
The U.S. Secret Service investigated the case.