MANHATTAN (CN) – A mortgage broker was sentenced Wednesday to 7 years in federal for bank fraud. Irshad “Tony” Ramzan pleaded guilty in August 2009 to his role in the $6 million conspiracy.
Ramzan admitted that while supervising Queens-based Platinum Funding, he and a co-conspirator tried to steal $6 million in loans meant to pay off mortgages.
Ramzan, 36, also conned desperate homeowners on the brink of foreclosure into selling their homes to straw purchasers, to generate unwarranted fees for Platinum and allowed him to get home mortgage loans under false pretenses.
Ramzan also must forfeit properties and pay more than $6 million in restitution. Ramzan’s co-conspirator, Eric Koppelman, is to be sentenced in July.