Woman, stepson admit to embezzling $1.2 million from Horizon City homeowners
POSTED: Thursday, March 28, 2013 - 5:49pm
UPDATED: Thursday, March 28, 2013 - 5:46pm
EL PASO — A woman and her stepson pleaded guilty in federal court Thursday to embezzling $1.2 million from about 400 customers in Horizon City.
Lisolette "Di Di" Lofton, 59, admitted to committing wire fraud. Her stepson, James Lofton, 49, admitted to concealing the scheme.
According to the office of U.S. Attorney Robert Pitman, Day was the bookkeeper for Southwest Escrow from 2007 to 2009, and during that time, she provided short term loans and wired about $225,000 to two struggling companies that she also did the bookkeeping for.
Day loaned out some much of Southwest Escrow's money, that the company did not have enough many to pay its customers' property taxes.
The FBI launched an investigation after several customers complained that the company had not paid their property taxes then suddenly closed without notice.
If convicted, Di Di Lofton faces up to 20 years in federal prison. James Lofton faces up to three years. Sentencing has not been scheduled.