Two brothers were sentenced to two and a half years in prison today for illegally and falsely inflating the prices of more than 12 Long Beach waterfront condominium properties between 2005 and 2007, according to documents from the U.S. Attorney’s Office.
The men, Isaac and Israel Soussana were also ordered by U.S. District Judge Philip S. Gutierrez to pay restitution of $4.8 million.
According to court documents, the men pleaded guilty to federal bank fraud in January 2014.
The brothers used straw buyers to buy properties at an inflated price (above their actual value), stipulating that the seller offer the buyer additional money in cash to offset the price increase. However, the straw buyers signed off of blank applications, or falsified documents.