Madison woman sentenced for role in mortgage fraud scheme
A Madison woman was sentenced Wednesday for her role in a mortgage fraud scheme, according to a release.
Becky Lynn Ring, formerly known as Becky Lynn Stoltenberg, 38, of Madison, was sentenced to 12 months probation and ordered to pay $336,100 in restitution for her role in a mortgage fraud scheme, according to the Office of U.S. Attorney John W. Vaudreuil, who is the U.S. attorney for the Western District of Wisconsin.
Ring was the former owner of JC Mortgage in Madison, according to the release.
Officials say Ring devised a scheme to obtain a residential loan for a client by submitting false documentation to the lender.
Ring was assisted by Edwin P. Gray, an accountant working in Oregon, Wis., who falsified the client’s income on a W-2 form, which allowed the client to qualify for a loan that they otherwise would not have obtained, according to the release.
Gray pleaded guilty to mortgage fraud on Aug. 12, 2012, and was sentenced to three years probation on Oct. 11, 2012, according to the release.
Ring’s sentence was reduced from a possible imprisonment range of 27 to 33 months based in part on her cooperation in an ongoing investigation, and noted the serious nature of her crime, and the need to deter others from engaging in similar criminal conduct, according to the release.
Officials say Ring paid the remaining restitution owed of $335,400 prior to sentencing and Gray had paid $700 towards restitution since his sentencing.
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