PORTLAND, Ore. (KOIN) — A Portland man was sentenced to 18 months in federal prison with five years of supervised release on Tuesday for bank fraud after providing falsified information to receive a bank loan worth more than $316,000.

According to the U.S. Attorney’s Office, Alireza Zamanizadeh, 63, used a residential property he did not own as collateral for obtaining the loan. He was ordered by the court to pay back $400,000 in restitution to the owner of the property.

Court documents say that in February 2017, Zamanizadeh filed a quitclaim deed in Deschutes County, transferring a residential property in Bend to his business for $1, without the consent of the property owner — a quitclaim deed is a document used to quickly transfer the ownership of property from one party to another.

By using the property as collateral, Zamanizadeh received a $316,092 loan from a mortgage lender, then forged the property owner’s signature on a statement to verify the transfer. The company approved the loan based on the false information, transferring the funds into Zamanizadeh’s bank account. When Zamanizadeh defaulted on the loan, the real owner of the property purchased it out of foreclosure for $400,000.

Zamanizadeh was charged with bank fraud and aggravated identity theft on June 14 of last year. He pleaded guilty to bank fraud on Sept. 14, 2021.