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An El Dorado Hills man and his mother pleaded guilty Monday to money laundering and concealing a felony, according a U.S. Department of Justice news release.
United States 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 United States 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.
E-mail Jim Ratajczak at jratajczak@mtdemocrat.net or call 530-344-5069.
