Industry News

Vermont woman indicted on real estate fraud charges

Alleged illegal activity involves second mortgage

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A federal grand jury in Vermont has returned an indictment charging a 48-year-old woman with fraud involving a second mortgage she received on her home, the Rutland, Vermont Herald reported Friday. Cheryl Gilbert Petersen, formerly of Brattleboro, Vt., faces up to the 30 years in prison and a $1 million fine if convicted of the charges contained in the two-count indictment filed Wednesday in U.S. District Court in Rutland, media reports said. The first count of the indictment alleged that Petersen committed mail fraud when she obtained a second mortgage on her home with the help of another person who pretended to be her husband, reports said. The indictment alleged that the mortgage, which totaled $44,000, was approved by Conseco Finance in February 2000 after documents were sent by Federal Express to Conseco, according to reports. The proceeds of the mortgage were then allegedly used to pay credit card companies, and in addition, more than $12,000 was also wired into Petersen's ban...