OKLAHOMA CITY — A Lawton woman received a federal prison sentence Tuesday of four years in prison and will have to pay $3,640,308.41 after pleading guilty to federal counts of bank and wire fraud.
On Tuesday, U.S. Western District Judge Scott L. Palk sentenced Lori Christine Woodson, 63, of Lawton, to 48 months. She pleaded guilty in April 2019 to one count of bank fraud and one count of wire fraud totaling over $7.5 million. The restitution will be split among four banks and four individuals, according to Travis D. Smith, executive assistant U.S. Attorney.
The court allowed Woodson to self-report on Feb. 11, to complete her sentence.
The sentencing was the culmination of a plea agreement signed by Woodson in January 2019, according to the court documents.
Woodson induced Fort Sill National Bank to loan her and another person $1,013,902 by making false representations to the bank, according to the plea information. In particular, Woodson overstated the value of her interest in assets, including a condominium in Snowmass, Colo., and a closely held real estate company. She also understated her liabilities to other banks by approximately $3 million.
Woodson admitted to receiving $7,081,446.39 in total from Liberty National Bank, City National Bank, Fort Sill National Bank and Arvest Bank, according to the information.
Also, according to the information, Woodson defrauded two acquaintances by misappropriating investments in Snowmass Village condominiums to the tune of $874,829.
According to reporting by the Snowmass Sun, property records show that the limited liability company Woodson Sweeney Viceroy acquired three units at the Viceroy Snowmass for a combined $1.6 million in November 2013. Woodson and three others controlled the LLC.
In her admission of guilty, Woodson agreed she committed wire fraud and defrauded two of the investors by arranging two payments from them through email communications, while falsely representing to the investors the purpose of the payments.
Woodson had two investors pay $160,360 in earnest money prior to the 2013 acquisition, an amount that she said represented half of the total amount of earnest money. That total, however, was actually the total amount, according to the information. She also used more than half of the two investors’ June 2015 payment of $40,000 “for her personal benefit,” according to the paperwork. She told the investors the money was for homeowners association dues and loan payments.
Woodson committed bank fraud in September 2014 by overstating her interest in another Snowmass unit she owned, a residence at Chamonix Condominiums, to Fort Sill National Bank. She admitted to overstating the value of a real estate company she owned, and made other misstatements about her financial condition to the bank, which provided her a $1 million loan, according to the plea agreement.
Prosecutors sought more than $7.5 million in criminal forfeiture.
Woodson faced up to 30 years in prison, as well as a maximum $1 million fine and a term of supervised release of up to five years for bank fraud. She also faced 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.
Woodson also was charged in Comanche County District Court in March 2017 with two counts of obtaining money by fraud, trick, deception, false statement or false pretenses, according to court records.
Out on $7,500 bond, she is scheduled for the January/February jury trial docket.
The federal case is the result of an investigation by the Department of Treasury’s Office of Inspector General and the FBI Oklahoma City Division, with the assistance of the Comanche County District Attorney’s Office and the Oklahoma State Bureau of Investigation, according to Smith. The case is being prosecuted by Assistant U.S. Attorney William E. Farrior.