Bakersfield Man Sentenced to 57 Months in Prison for Role in Fraudulent Transfer of Funds from a Victim’s Brokerage Account
SACRAMENTO, Calif. — Loretta Darlene Stewart-Cabrera, also known as Loretta Dexter, 55, of Sacramento, was sentenced today by U.S. District Judge Kimberly J. Mueller to 30 months in prison for wire fraud and money laundering, U.S. Attorney McGregor W. Scott announced.
According to court documents, Stewart-Cabrera was a professional fiduciary who served as the trustee of a trust that owned a Sacramento property. After the trust grantor died in December 2012, Stewart-Cabrera executed a scheme to obtain and spend the trust assets. Stewart-Cabrera did this by selling the trust’s property, only distributing to the trust beneficiaries approximately $30,000 of the more than $300,000 she received from the sale of the property, and spending the remaining money without the permission or knowledge of the trust beneficiaries. She used a portion of the trust funds to gamble and dine in Las Vegas casinos, pay family members, and purchase merchandise.
This case was the product of an investigation by the Federal Bureau of Investigation and IRS Criminal Investigation. Assistant U.S. Attorney Brian A. Fogerty prosecuted the case.