STAMFORD, Conn. (WTNH) – 42-year-old Asm Afsary of Stamford will spend three years in prison followed by five years of supervised release for mortgage fraud scheme.
More than 20 properties in Fairfield County were targeted between 2005 and 2013 primarily in Stamford, Norwalk and Bridgeport. Afsary was a former real estate agent and mortgage broker who purchased of numerous single and multi-family properties.
He provided false information to mortgage lenders to put down payments for real estate transactions and false HUD-1 Forms. Lenders suffered more than $7 million in losses. Many of the properties involved in this mortgage fraud scheme ended up in foreclosure or in short sale transactions.
Afsary was ordered to pay $3,327,949.20 in restitution. He pleaded guilty back in June to one count of conspiracy to commit wire fraud and bank fraud.
Afsary is ordered to report to prison on July 31, 2015. Three other individuals involved in this scheme have also pleaded guilty and await sentencing.