Woman Accused of Cheating Trustees, Spending Their Money on Vegas Gambling Trip

Loretta Darlene Stewart-Cabrera, 52, a professional fiduciary who served as a trustee for a trust that owned a Sacramento property, was indicted on 8 counts on April 26, 2018 after prosecutors say that she schemed against the beneficiaries after the trust grantor died to sell off the property for $300,000 and only gave the trustees $30,000. The charges include mail fraud, wire fraud, and money laundering because of the alleged transaction. The alleged $270,000 that the fiduciary retained from the trust proceeds was spent on debts, paying family members, buying merchandise, and a trip to Las Vegas, Nevada.

Stewart-Cabrera faces a maximum penalty of 20 years in prison and a $250,000 fine if convicted of mail fraud and wire fraud counts. She faces a maximum penalty of 10 years in prison and a fine of $250,000 or twice the value of the property if convicted of the money laundering counts.

See Kayla Fitzgerald, Woman Accused of Cheating Trustees, Spending Their Money on Vegas Gambling Trip, Sacramento Bee, May 30, 2018.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.