Sharon Lynn Shaw, 67, a San Jose woman, pleaded guilty to four counts of defrauding a bank and two counts of theft by a bank officer.
Shaw, who was employed by Wells Fargo, admitted she used her own parents’ names and social security numbers in order to submit and approve loan applications that were fraudulent. According to U.S. Attorney Melinda Haag, Shaw used the proceeds to pay off the mortgage on her house.
Shaw will be sentenced to U.S. District Judge Beth Freeman in San Jose in May and could receive a maximum possible sentence of 30 years in federal prison.
Read the original article in the San Jose Mercury News.