Regional News

Bank Fraud Sentence For Property Theft Case

(Portland, OR) -- A Portland man is being sentenced to a year and a half in federal prison for bank fraud after using a quitclaim to steal a property. Court records show 63-year-old Ali Zamani paid one dollar to quickly transfer ownership of a property in Bend to his businesses. He used the property as collateral on a 316-thousand dollar bank loan. When he defaulted on the loan, the original owner bought it out of foreclosure for 400-thousand dollars. Zamani pleaded guilty and was ordered to pay the property owner 400-thousand dollars in restitution.

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