Woman who defrauded trust beneficiaries sentenced to 18 mo. - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Woman who defrauded trust beneficiaries sentenced to 18 mo.

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SAN DIEGO (CNS) - A licensed fiduciary who defrauded trust beneficiaries out of more than $470,000 and used the ill-gotten gains to gamble at San Diego and Nevada casinos was sentenced Monday to 18 months in federal prison.

Teresa Laggner, 56, pleaded guilty in February to wire fraud and money laundering.

As a trustee in San Diego from 2006 until this year, Laggner managed numerous bank accounts that held valuable assets for the benefit of trust beneficiaries, according to court documents.

Laggner systematically transferred funds to her personal and business accounts without authorization from the beneficiaries, prosecutors said. Sher admitted that between July and September 2010, she misappropriated about $191,500 from a single trust bank account.

During the same period, the defendant withdrew $40,000 of misappropriated trust funds while at casinos in San Diego and Nevada and cashed checks for an additional $100,000 while at Barona Casino and used all of the funds to feed her gambling habit, prosecutors said.

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