Woman sentenced for defrauding financial companies

Posted
Thursday October 11, 2012

BURLINGTON (AP) -- A Vermont woman has been sentenced to 21 months in prison after being convicted of defrauding two Vermont development corporations and two banks.

Court records say 66-year-old Ruth Tucker, formerly of Randolph Center who now lives in Hubbardton, obtained $55,000 in loans from local development corporations that she said she would use to re-establish her small business and hire Vermonters.

But federal prosecutors say she used the money to buy registered Morgan horses and to pay for their training, boarding and other expenses.

Prosecutors say she also defrauded People’s United Bank, KeyBank, local people and businesses by writing bad checks, some for large amounts. The banks’ lost about $18,000.

Tucker pleaded guilty in June 2011 after being indicted by a grand jury in 2010. She was sentenced on Wednesday.


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