STAMFORD, Conn. -- A Stamford attorney has been sentenced to 14 months in prison and ordered to pay more than $8 million in restitution after admitting to his role in mortgage fraud scheme.
Christopher Brecciano's extensive scam involved dozens of homes in Bridgeport, Norwalk and Stamford, according to a statement from Deirdre Daly, the U.S. attorney for Connecticut.Brecciano, 37, served as the closing attorney during at least 50 mortgage loan transaction in which he or a co-conspirator provided lenders with false documentation, Daly said.
In some cases, Brecciano distributed the mortgage loan to a "straw buyer" he knew would not control the property, officials said. Many of these homes would fall into foreclosure.
Daly said Brecciano also became involved in a number of short sale transactions in which he knew the buyer and seller were colluding to control the home, but represented to the lender that the deal was an "arm's length" transaction.
In total, the scam, which ran between 2006 and 2010, cost lenders more than $8 million; Brecciano was ordered to repay $8,406,638.
Brecciano pleaded guilty to one count of conspiracy to commit wire fraud and bank fraud on Feb. 12, officials said.
He was sentenced Thursday by Chief U.S. District Judge Janet C. Hall, who ordered that he also serve five years of post-release supervision.
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