CEO Regina Shields pleads guilty to tax and mortgage loan fraud - WSFA.com: News Weather and Sports for Montgomery, AL.

CEO pleads guilty in tax and mortgage loan fraud case

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CINCINNATI, OH (FOX19) -

Regina Shields, 40, of Cincinnati, Ohio pleaded guilty to one count of filing false claims for federal income tax refunds with the Internal Revenue Service (IRS) and one count of wire fraud.

According to court documents, Shields formed a non-profit corporation called Free Truth Enterprises and, since 2000, Shields has served as the President and CEO. From 2007 through 2010, Shields filed federal income tax returns with the IRS claiming $61,315 in false claims for income tax refunds. 

In addition, Shields devised a scheme in which she attempted to purchase a property located at 2985 Timbercrest Drive, Cincinnati, Ohio at a sheriff's sale using a check with insufficient funds.  Shields applied for and received a fraudulent mortgage loan on this property through a fraudulent loan application.  Shields faxed several fraudulent documents to Quicken Loans in support of the loan application for this property.

Shields faces a maximum sentence of 20 years in prison and a fine of up to $250,000. She will be sentenced at a later date.

Additionally, Shields has agreed to pay restitution to the IRS in the amount of $61,315, and restitution in the amount of $141,491 to Title Source, Inc. (related to Quicken Loans). 

Stewart commended the cooperative investigation by special agents of IRS-Criminal Investigation and the FBI, Assistant United States Attorney Timothy Mangan who is prosecuting the case.

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