|

El Dorado Hills man, mother enter guilty pleas

An El Dorado Hills man and his mother pleaded guilty Monday to money laundering and concealing a felony, according a Department of Justice news release.

U.S. Attorney Benjamin B. Wagner announced Tuesday that Anthony Portillo, 41, pleaded guilty a day earlier to money laundering while Portillo’s mother, Betty Gracia, 61, pleaded guilty to concealing a felony in Sacramento Federal Court.

According to court documents, Portillo used his mother’s name and credit history to fraudulently obtain a loan to purchase a $2.75 million home in Shingle Springs.

To secure the loan, Portillo submitted his mother’s bank statements, which had been falsified to show large account balances ranging from $700,000 to $1 million.

When federal agents asked Gracia about the large balances, she falsely claimed that she had earned a very large income.

The defendants are scheduled to be sentenced by U.S. District Judge William B. Shubb on June 27.

The maximum statutory penalty for money laundering is 10 years in prison and a $250,000 fine. For concealment of a felony, the maximum statutory penalty is three years in prison and a $250,000 fine.

jratajczak@mtdemocrat.net

Short URL: http://www.villagelife.com/?p=6636

This story falls on page ""
Posted by on Apr 14 2011.
Last Login:
Filed under Featured Stories, News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Recently Commented

  • Doug Demetre: Thanks Jill, Once again you have been a beacon of good sense, and a joy to work with. Cooperating Broker
  • M.D.: Vote yes on M and O and on Ranalli vote no! This county can’t afford 30 thousand additional homes needing...
  • EDH Fie Dept a disapointment: This EDH Fire Dept is out of control. Why do these people keep abusing our trust by...
  • M.D.: Call the CSD each area has their own rules.
  • George: I would be interested to hear as well. I am in the process of buying a home in El Dorado Hills.