Santa Clarita woman gets 8 years for wire fraud scheme

A Southern California woman has been sentenced to eight years in federal prison for collecting hundreds of thousands of dollars from victims who were promised low-interest, multimillion dollar loans.

U.S. District Judge Percy Anderson said Monday that Pamela Terry was "a financial predator," and ordered her to pay about $3.8 million in restitution.

Terry pleaded guilty to two counts of wire fraud in January.

The 40-year-old from Santa Clarita claimed to be an underwriter at the Federal Reserve Bank and told some of her loan customers that their loans were delayed because IndyMac Bank failed.

Prosecutors say Terry used the payments to pay luxury retailers and fund her daughter's music career.

Copyright 2010 The Associated Press.

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