Greenville, N.C. (May 1, 2007) -- United
States Attorney George E. B. Holding (
http://www.usdoj.gov/usao/)
announced that ISAAC LEE WOODS, 48, and REGINA BAILEY WOODS,
46, both from Durham, North Carolina, were sentenced in
federal court in Greenville, North Carolina, before Chief
Judge Louise W. Flanagan on April 30, 2007.
ISAAC LEE WOODS was sentenced to 84 months imprisonment
while REGINA BAILEY WOODS received a sentence of 24 months
imprisonment in this financial fraud case. The defendants
were ordered to pay over $1 million in restitution. Last
year, after a week-long trial, a jury in New Bern had
convicted both defendants of conspiracy, wire fraud, false
statements, and money laundering.
The defendants, husband and wife, operated a mortgage
lender named Woodbai, Inc. d/b/a Unlimited Financial Resources.
The defendants were convicted of electronically submitting
fake mortgages to the secondary mortgage market, where
these fake mortgages became investments guaranteed by
the Government National Mortgage Association, or Ginnie
Mae. In order to manufacture these fake mortgages, defendants
stole the identities of family members and a friend.
The evidence at trial demonstrated that the defendants
had obtained in excess of $1 million as the result of
their fraud, and had used much of this money to develop
rental properties in Durham through another company controlled
by defendant ISAAC LEE WOODS, a general contractor named
U.F.R. Inc. d/b/a UFR Builders.
"These are just sentences for a serious abuse of
the Ginnie Mae program. In defrauding Ginnie Mae, the
defendants damaged a program that helps low- and moderate-income
individuals buy homes," said United States Attorney
George E. B. Holding.
Chief Judge Flanagan also sentenced TIMOTHY EUGENE BENJAMIN,
42, of Durham, North Carolina, for conspiring with ISAAC
LEE WOODS to obstruct WOODS' trial and for attempted witness
tampering. Evidence presented at sentencing and otherwise
part of the court record demonstrated that ISAAC LEE WOODS
induced BENJAMIN to contact a government witness in the
middle of trial in an attempt to prevent her from testifying.
BENJAMIN was sentenced to eight months imprisonment, and
ISAAC LEE WOODS advisory sentencing range was increased
as a result of his attempted obstruction.
Following sentencing, ISAAC LEE WOODS was put into the
custody of the U.S. Marshals.
Investigation of the case was conducted by the U.S. Department
of Housing and Urban Development - Office of Inspector
General, the Federal Bureau of Investigation, and the
Durham Police Department. Assistant United States Attorney
Clay C. Wheeler prosecuted the case for the United States.
SOURCE: U.S. Department of Justice
