The owner and operator of an escrow company and realty company was sentenced to one day in prison and three years of supervised release after being convicted of bank fraud and conspiracy.
U.S. District Judge Marilyn Horan imposed the sentence on Lee Ann Benninghoff, 45, Aliquippa, Pa.
According to information presented to the court, Benninghoff owned and operated Complete Escrow and Bella Casa Realty. From February 2014 through March 2017, Benninghoff used her position and connections in real estate financing, and conspired with others in the industry, to submit fraudulent gift letters in support of mortgage loan applications. The gift letters misrepresented the source of the funds and their purported purpose.
Assistant U.S. Attorney Robert Cessar prosecuted this case on behalf of the government.
U.S. Attorney Eric Olshan commended the Federal Housing Finance Agency Office of Inspector General, the U.S. Department of Housing and Urban Development Office of Inspector General, and the U.S. Secret Service for the investigation leading to the successful prosecution of Benninghoff.