Sacramento County District Attorney Jan Scully announced Thursday that 42-year-old Maria Soto pleaded no contest to three felony counts of grand theft in connection with her activities at a now-defunct Sacramento loan-modification firm.
The plea resulted in a stipulated term of 16 months in jail and an agreement to pay $49,925 in victim restitution.
Prosecutors alleged that, between July and November 2010, Soto operated Sacramento Equity Solutions, which offered mortgage loan-modification services, and that Soto demanded and accepted illegal advance fees.
Prosecutors charged that victims were lured in with promises of help in obtaining loan modifications from lenders, but modifications never came through and victims' money was spent for fraudulent purposes.
Formal sentencing has been set for March 21 in Department 62 of Sacramento Superior Court.