Eric Koppelman, a former mortgage title closer, was sentenced to four years in prison for playing a role in a scheme to steal more than $6 million of proceeds from home mortgage loans, according to the U.S. Attorney's office in New York.
Koppelman and Irshad Ramzan, who was sentenced in June to seven years in prison for his role in the crime, were involved in a scheme to steal the proceeds of home mortgages from 2004 through October 2005, according to the office of U.S. Attorney Preet Bharara.
The funds that had been loaned were intended to be used to pay off existing mortgages.
Koppelman and Ramzan also lied to the financial institutions that provided the loans, saying the proceeds from the loans were being used toward mortgages, when they were really going toward personal use, the office said. Koppelman pleaded guilty in February.
Along with his prison term, Koppelman also was sentenced to five years of supervised release and was ordered to pay more than $6 million of restitution and forfeit various property.