Woman pleads guilty to multi-million-dollar fraud

A Lawton woman pleaded guilty Monday to defrauding millions from a bank. Lori Christine Woodson, 62, could have to forfeit more than $7.5 million after her guilty plea to bank fraud and wire fraud in Oklahoma City federal court. She is expected to appear in about 90 days for sentencing. She faces up to 30 years in prison and a maximum $1 million fine for a conviction of bank fraud and a 20-year prison sentence and maximum $250,000 fine for wire fraud. She was charged with making false representations to Fort Sill National Bank by overstating the value of her stake in real estate and business assets. Federal investigators also reported she defrauded two people who made condominium investments with her. Court documents state Woodson obtained more than $7.08 million as a result of bank fraud and $449,829 from wire fraud. Woodson told the bank she had a $1.4 million interest in a condominium in Snowmass, Colorado, though her true interest was worth far below that amount, according to a federal charge. She falsely claimed she had an interest worth $1.98 million in a real estate company. Her investment was worth much less, in part because she and another subject held only a half-interest in the company. Woodson undervalued the amount of money she had taken out in loans by less than half, claiming she had $2,365,000 in outstanding liabilities when she actually owed $5,460,208. She also applied her life insurance policies as collateral for multiple loans with another bank, but she failed to notify FSNB that she had done so, according to the charge. She also pleaded guilty to wire fraud after taking money from two investors under false pretenses. They agreed to form a limited liability company and invest “50-50” in condominiums with Woodson and another subject. In October 2013, Woodson induced the two investors to write a check for $160,360 to cover half of the costs for three condominiums in Snowmass. In fact, this check was enough for the entire purchase, which was finalized Nov. 25, 2013. Woodson told the two fraud victims she needed another $40,000 on June 29, 2015, for homeowner association dues and loan payments for the condominiums. Federal investigators reported that Woodson put $19,352.19 of this payment toward the condominiums and used the rest for personal benefit. Two counts of obtaining money by fraud, trick or deception are still pending against her in Comanche County District Court. A jury trial in that case is scheduled for Sept. 30.