Real estate swindlers facing prison time

A confessed mother-son real estate swindling team will wait another month to learn their fate.Originally scheduled for June 27, sentencing for Betty Gracia and Anthony Portillo has been moved to Aug. 22.The El Dorado Hills mother and son pleaded guilty. She faces up to three years in prison and a $250,000 fine for a charge of concealing a felony. He faces up to 10 years in prison and a $250,000 fine on charges of money laundering.The charges stem from Portillo using his mother's name and credit history to fraudulently obtain a loan to purchase a $2.75 million home in Shingle Springs.To secure to the loan Portillo submitted his mother's bank statements, which had been falisified to show large account balances ranging from $700,000 to $1 million.When questioned by federal agents regarding the statements, she "falsely claimed" that she earned a large income, according a statement released by the U.S. Attorney's office.The case is the product of an extensive investigation by the Internal Revenue Service-Criminal Investigation and the Federal Bureau of Investigation. ~ Staff report