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Stamford Man Sentenced To 3 Years For Mortgage Fraud

STAMFORD, Conn. – A Stamford man was sentenced to three years in prison for his connection to a mortgage and fraud scheme involving more than 20 properties in Fairfield County.

Asm Afsary of Stamford was sentenced to three years in prison for his connection to a mortgage and fraud scheme in Fairfield County.

Asm Afsary of Stamford was sentenced to three years in prison for his connection to a mortgage and fraud scheme in Fairfield County.

Photo Credit: File

According to court documents, between 2005 and 2013, Asm Afsary, 42, a real estate agent and former mortgage broker, took part in a mortgage fraud conspiracy that involved the purchase of numerous single- and multi-family properties, primarily in Stamford, Norwalk and Bridgeport. Afsary and his co-conspirators provided false information to mortgage lenders, including false verifications of mortgage applicants’ income, false verifications of down payments for real estate transactions and false HUD-1 Forms.

Afsary recruited individuals who fraudulently applied for and obtained mortgage loans but did not have any financial investment or stake in the transactions. Lenders suffered losses of more than $7 million through Afsary’s scheme. Many of the properties involved ended up in foreclosure or in short-sale transactions.

Afsary pleaded guilty to one count of conspiracy to commit wire fraud and bank fraud on June 16, 2014. He was ordered to pay $3,327,949.20 in restitution in addition to his prison sentence.

Three other individuals involved in this scheme have also pleaded guilty and are awaiting sentencing.

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