RALEIGH - United States Attorney George E.B. Holding announced that in federal court here yesterday United States District Judge Terrence W. Boyle sentenced ELIZABETH WHITAKER CLEMENT, 56, of Raleigh, North Carolina, to 36 months' imprisonment followed by three years supervised release. The Court also imposed restitution in the amount of $593,601.32.A Criminal Information was filed on June 2, 2008, charging CLEMENT with conspiring to commit wire fraud. On June 23, 2008, CLEMENT pled guilty to the charge. From October, 2002, to February, 2006, CLEMENT along with others, through fraudulent means, obtained multiple loans from E-Loan, Inc., an Internet-based business in Pleasanton, California, that offers to the public mortgages and other types of consumer loans. On May 15, 2003, knowing it to be false, CLEMENT faxed a fraudulent W-2 Form to E-Loan. On June 15, 2003, CLEMENT, and others, faxed a fraudulent pay stub to E-Loan which indicated a year-to-date salary of $73,077.04, which CLEMENT knew to be false. On June 25, 2003, CLEMENT, and others, signed and submitted a loan application to E-Loan falsely indicating her employment and monthly income.

Mr. Holding commented: "The integrity of our financial system turns on honesty and truthfulness by all parties involved in any transaction. Here, the defendant abused that basic principle and Judge Boyle's 36-month sentence highlights that fact. My office will continue to aggressively pursue all those who jeopardize our financial system with dishonesty."

Investigation of the case was conducted by the Federal Bureau of Investigation. Assistant United States Attorney Felice McConnell Corpening served as prosecutor for the government.