Columbia Woman Pleads Guilty to Mortgage Fraud, Embezzlement

5 years 2 months 1 week ago Thursday, July 11 2013 Jul 11, 2013 Thursday, July 11, 2013 2:13:00 PM CDT July 11, 2013 in News
Source: News Release
By: KOMU 8 Staff
loading

JEFFERSON CITY - A Columbia woman pleaded guilty in federal court Thursday to charges of bank fraud and money laundering, which were part of a $576,000 mortgage fraud and embezzlemet scheme at the title company where she was employed.

Terri Lynn Johnson, 48, of Columbia, pleaded guilty before U.S. Magistrate Judge Matt J. Whitworth to the charges contained in a Dec. 13, 2012 federal indictment.

Johnson was hired for a clerical position with Guaranty Land Title Company in 2001, and was eventually promoted to become the branch manager of the Fulton, Mo. office after the company was acquired by Landchoice Company, LLC. She remained in that position until her termination in 2008.

Johnson admitted that she engaged in a $300,000 mortgage fraud scheme while she was employed as the Fulton branch manager. Johnson refinanced the mortgage on her residence twice. As a result of the false and fraudulent information provided by Johnson, two banks approved mortgage loans, one for $175,000 and the other for $125,000. The combination of those two loans clearly exceeded the appraised value of Johnson's residence, which was used to secure both loans.

Johnson also admitted that she embezzled $276,173 from Landchoice. She diverted income checks from Landchoice into a bank account that had been opened for Guaranty Land Title Company and which her employer didn't know existed. She also diverted escrow funds which had been obtained by Landchoice for loan closings into that account.

Johnson then wrote checks to herself which she deposited into her personal checking account. She wrote checks totaling approximately $59,465 payable to herself, as well as checks to her personal business, which totaled approximately $12,500. Johnson also wrote checks believed to be for her personal use totaling approximately $19,916. In addition, she utilized a debit card issued for the account, which she used to access $184,292 for her personal benefit. The total personal benefit realized by Johnson from this embezzlement scheme is estimated to be approximately $276,173.

Under federal statutes, Johnson is subject to a sentence of up to 40 years in federal prison without parole. A sentencing hearing will be scheduled after the completion of a pre-sentence investigation by the U.S. Probation Office.

More News

Grid
List
CASSVILLE (AP) — A $1.9 million renovation of a southwestern Missouri trout hatchery won't interfere with the tens of thousands... More >>
40 minutes ago Monday, September 24 2018 Sep 24, 2018 Monday, September 24, 2018 6:19:00 AM CDT September 24, 2018 in News
COLUMBIA - Missouri Task Force 1 is in Kinston, North Carolina waiting for its next mission. The task force's... More >>
9 hours ago Sunday, September 23 2018 Sep 23, 2018 Sunday, September 23, 2018 9:58:00 PM CDT September 23, 2018 in News
(CNN) -- Lawyers for Christine Blasey Ford said in a statement on Sunday that she has committed to testifying in... More >>
12 hours ago Sunday, September 23 2018 Sep 23, 2018 Sunday, September 23, 2018 6:31:00 PM CDT September 23, 2018 in News
WASHINGTON (AP) — Farmers across the United States will soon begin receiving government checks as part of a billion-dollar bailout... More >>
12 hours ago Sunday, September 23 2018 Sep 23, 2018 Sunday, September 23, 2018 6:27:00 PM CDT September 23, 2018 in News
ATLANTA (AP) — The Latest on the Tour Championship (all times local): 5:58 p.m. Tiger Woods is a... More >>
13 hours ago Sunday, September 23 2018 Sep 23, 2018 Sunday, September 23, 2018 5:12:00 PM CDT September 23, 2018 in News
COLUMBIA - According to Missouri state law, all children over the age of eight do not have to ride in... More >>
14 hours ago Sunday, September 23 2018 Sep 23, 2018 Sunday, September 23, 2018 4:51:00 PM CDT September 23, 2018 in News
COLUMBIA - Columbia police are searching for a person who ran away from a traffic stop in south Columbia around... More >>
14 hours ago Sunday, September 23 2018 Sep 23, 2018 Sunday, September 23, 2018 4:22:00 PM CDT September 23, 2018 in News
COLUMBIA - Both China and the United States' newest round of tariffs go into effect on Monday. The US' tariffs... More >>
16 hours ago Sunday, September 23 2018 Sep 23, 2018 Sunday, September 23, 2018 2:51:00 PM CDT September 23, 2018 in News
COLUMBIA - Over 100 activists walked around Stephens Lake Park on Sunday to raise money and awareness to end hunger... More >>
19 hours ago Sunday, September 23 2018 Sep 23, 2018 Sunday, September 23, 2018 11:58:00 AM CDT September 23, 2018 in News
COLUMBIA - One person died and another was hurt in a one-vehicle crash Sunday morning. Police said Perri A.... More >>
21 hours ago Sunday, September 23 2018 Sep 23, 2018 Sunday, September 23, 2018 9:57:00 AM CDT September 23, 2018 in News
COLUMBIA - Missouri basketball forward Mitchell Smith was arrested early Sunday morning by the Boone County Sheriff's Department and charged... More >>
22 hours ago Sunday, September 23 2018 Sep 23, 2018 Sunday, September 23, 2018 8:45:00 AM CDT September 23, 2018 in Sports
CLAYTON (AP) — A St. Louis man has been sentenced to 30 years in prison for a 2012 police chase... More >>
22 hours ago Sunday, September 23 2018 Sep 23, 2018 Sunday, September 23, 2018 8:27:14 AM CDT September 23, 2018 in News
COLUMBIA – About one in 10 children are subject to sexual abuse, according to a local expert on the subject.... More >>
1 day ago Saturday, September 22 2018 Sep 22, 2018 Saturday, September 22, 2018 11:18:00 PM CDT September 22, 2018 in News
COLUMBIA - A water main break in MU's Hearnes Center early Saturday morning caused at least $100,000 worth of damage,... More >>
1 day ago Saturday, September 22 2018 Sep 22, 2018 Saturday, September 22, 2018 7:17:00 PM CDT September 22, 2018 in News
FULTON - The Fulton Police Department responded to shots fired at a McDonald's located at 303 S. Business 54 early... More >>
1 day ago Saturday, September 22 2018 Sep 22, 2018 Saturday, September 22, 2018 5:49:00 PM CDT September 22, 2018 in News
(CNN) -- Christine Blasey Ford, the woman who has accused Supreme Court nominee Brett Kavanaugh of a past sexual assault,... More >>
1 day ago Saturday, September 22 2018 Sep 22, 2018 Saturday, September 22, 2018 5:16:00 PM CDT September 22, 2018 in News
AUXVASSE - The Callaway County Sheriff's Office arrested five people Friday morning during a narcotics search at a residence in... More >>
1 day ago Saturday, September 22 2018 Sep 22, 2018 Saturday, September 22, 2018 4:16:00 PM CDT September 22, 2018 in News
FESTUS (AP) — A man and his adult son were killed when their small plane crashed near... More >>
1 day ago Saturday, September 22 2018 Sep 22, 2018 Saturday, September 22, 2018 8:20:00 AM CDT September 22, 2018 in News
Columbia, MO
Broken Clouds 67°
7am 65°
8am 66°
9am 67°
10am 71°