Brothers Isaac Soussana and Israel Soussana have been sentenced to 2 1/2 years in prison for their roles in a mortgage fraud whereby the prices of waterfront condominiums in Long Beach were artificially inflated. Straw buyers were used to make the purchases and some of the excess was used to pay the straw buyers.
U.S. District Judge Philip S. Gutierrez ordered them to pay restitution of about $4.8 million, according to the U.S. Attorney’s Office.
Both Soussanas pleaded guilty last year to a federal bank fraud count.
Read the original article in the Press-Telegram.