Woman Sentenced For Buying Horses With Development Loans
A Hubbardton woman has been sentenced to nearly two years in prison after being convicted of defrauding two Vermont development corporations and two banks.
Court records say 66-year-old Ruth Tucker, formerly of Randolph Center, obtained $55,000 in loans from local development corporations that she said she would use to re-establish her small business and hire Vermonters.
But federal prosecutors say she used the money to buy registered Morgan horses and to pay for their training, boarding and other expenses.
Prosecutors say she also defrauded People's United Bank, KeyBank, and other businesses by writing bad checks. The banks lost about $18,000.
Tucker pleaded guilty in June 2011. She was sentenced yesterday.