Woodland Hills woman pleads guilty to mortgage fraud scheme
A Woodland Hills woman pleaded guilty Monday in federal court to one count of fraudulently obtaining a mortgage loan and using the proceeds to finance a family member's vacation and pay off debts.
Monica Frommer, 33, admitted in her plea agreement that she and her husband falsely stated a combined income of more than $200,000 in a 2004 mortgage application. Based on their statements, a lender gave them a mortgage loan in the amount of $784,000.
The plea agreement alleges that Frommer used the money to pay off previous mortgage loans and to finance an $11,000 vacation that her brother and his family took to Jackson Hole, Wyo.
Frommer faces up to 10 years in prison and fines of $250,000 when she is sentenced in June, federal prosecutors said.
-- Catherine Saillant