A Hayward, CA woman will spend the next 18 months in prison after pleading guilty to mortgage fraud and tax evasion, prosecutors said Tuesday.
Cynthia Suratos Lorica, 51, entered the guilty pleas on Monday before Chief U.S. District Court Judge Claudia Wilken.
The judge sentenced Lorica to 18 months in prison and ordered her to pay more than $1 million in restitution, said U.S. Attorney Melinda Haag. Lorica must also participate in three years of period of supervised release.
She was ordered to start serving the sentence on March 27.
Under a plea agreement, Lorica admitted to participating in a scheme to obtain money from Washington Mutual Bank in 2006 and 2007 by making false statements in loan applications secured by real property.
During that time, she was the owner and CEO of All Ways Financial Services Inc., a financial services company. She was also an officer of Absolute Value Financial Inc., licensed by the state to originate mortgage loans and to engage in real estate transactions.
Lorica was involved in the preparation and submission of loan applications to various federally insured financial institutions and other lending institutions.
She also admitted to evading taxes on income she received in 2006 and 2007 and to substantially underreporting her gains from the sale of real estate as well as underreporting her income from All Ways Financial and claiming a mortgage interest deduction that she was not entitled to receive.