Becky Lynn Ring, formerly known as Becky Lynn Stoltenberg, 38, Madison, Wisconsin, was sentenced by U.S. District Judge Barbara B. Crabb to 12 months probation and ordered to pay $336,100 in restitution for her role in a mortgage fraud scheme.
Stoltenberg was the former owner of JC Mortgage, Madison, Wisconsin. She devised a scheme to obtain a residential loan for a client by submitting false documentation to the lender. Stoltenberg was assisted by Edwin P. Gray, an accountant working in Oregon, Wisconsin, who falsified the client’s income on a W-2 form, which allowed the client to qualify for a loan that he otherwise would not have obtained. Gray pleaded guilty to mortgage fraud on August 12, 2012, and was sentenced to three years’ probation on October 11, 2012.
In sentencing Ring, Judge Crabb reduced her sentence from a possible imprisonment range of 27 to 33 months based in part on her cooperation in an ongoing investigation, and noted the serious nature of her crime, and the need to deter others similarly situated from engaging in criminal conduct. Ring paid the remaining restitution owed of $335,400 prior to sentencing. Gray had paid $700 towards restitution since his sentencing.
John W. Vaudreuil, United States Attorney for the Western District of Wisconsin, announced the sentence.
The charge in this case are the result of an investigation conducted by the Madison Resident Agency of the Federal Bureau of Investigation. The prosecution of this case is being handled by Assistant U.S. Attorney Peter M. Jarosz.