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May 31, 2006


RALEIGH - United States Attorney Frank D. Whitney announced that a jury in New Bern has convicted ISAAC LEE WOODS, age 47, and REGINA BAILEY WOODS, age 45, of conspiracy, wire fraud, false statements, and money laundering. The jury returned its verdict yesterday, following a week-long trial in federal court before Chief United States District Judge Louise W. Flanagan.
The defendants, husband and wife, reside in Durham, North Carolina, and had operated a mortgage lender named Woodbai, Inc., d/b/a Unlimited Financial Resources. The defendants were convicted of electronically submitting fake mortgages to the secondary mortgage market, where these fake mortgages had become investments guaranteed by the Government National Mortgage Association, or Ginnie Mae.

The evidence presented at trial demonstrated that the defendants had obtained in excess of $1 million as the result of their fraud, and had used much of this money to develop rental properties in Durham through another company controlled by defendant ISAAC LEE WOODS, a general contractor named U.F.R. Inc., d/b/a UFR Builders.

The jury found both defendants guilty on all 32 counts. Sentencing of the defendants is scheduled for September, 2006.

Investigation of the case was conducted by the U.S. Department of Housing and Urban Development – Office of Inspector General, the Federal Bureau of Investigation, and the Durham Police Department. Assistant United States Attorney Clay C. Wheeler prosecuted the case for the United States.

News releases are available on the U. S. Attorney’s web page at within 48 hours of release.

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