DUBLIN -- A Dublin man on Thursday was sentenced to 21 months in prison and ordered to pay a $60,000 fine for bank fraud and making false statements to a financial institution, the Department of Justice announced Friday.
Saleem M. Khan, 49, was indicted in 2012 for submitting false documents in order to obtain a settlement of his home equity line of credit and for failing to disclose significant assets, according to prosecutors.
Khan pleaded guilty to the crimes last July, admitting he took out a $344,000 home equity line of credit on his home in 2005. He stopped making payments in 2010, claiming he was out of work and submitted a "hardship package" to demonstrate his inability to pay the loan.
The home equity line of credit was owned by E-Trade Bank, which hired PNC Bank to service the loan.
Prosecutors say Khan made false statements about his employment history, income and assets, and included a forged pay stub that underreported his monthly income by approximately $2,000. He also failed to disclose that he had made $800,000 in stocks the previous year, prosecutors said.
Khan is scheduled to begin serving his sentence on June 23.
Contact Karina Ioffee at 650-576-9626. Follow her at Twitter.com/kioffee.