Mortgage fraudster sentenced to nine years in prison
Posted Sep 5, 2013 7:08 am.
This article is more than 5 years old.
The man behind a multi-million dollar mortgage fraud will spend nine years behind bars.
Ali El-Sayed was sentenced Wednesday, and ordered to pay over $4.5-million in restitution.
The 34-year-old was convicted in July of 17 fraud charges in a scheme where he convinced buyers to purchase properties at inflated rates.
Calgary Court of Queen’s Bench Justice Paul Jeffrey said El-Sayed’s actions were “clearly motivated by greed,” and a harsh penalty was required to set an example.
