PORTLAND, OR -- A Portland man will serve 18 months in federal prison for using a house he didn’t own as collateral for a new loan. Federal prosecutors say Alireza Zamanizadeh filed a quitclaim deed in Deschutes County to transfer a Bend property to his business for one dollar. He then forged the owner’s signature on a statement verifying the transfer, which allowed him to secure a loan for $316,092.
The real owner was not aware of the transaction and spent $400,000 to purchase the house back from foreclosure after Zamanizadeh defaulted on the loan.
Zamanizadeh pleaded guilty to bank fraud in September and was just sentenced Tuesday. After his prison time, he'll serve five years' supervised release and he's been ordered to pay $400,000 in restitution to the owner of the proeprty.