A Pennsylvania man has been sentenced to nearly six years in prison and must pay $9.2 million for his role in mortgage and bank fraud schemes.

Simon Aouad, 35, pleaded guilty to charges of conspiracy, mail fraud and bank fraud in U.S. District Court in Philadelphia, according to a press release Monday from the U.S. attorney's office in the Eastern District of Pennsylvania. He was ordered to pay $5.5 million in restitution and to forfeit $3.7 million in addition to his 70-month prison term.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry