Mohammad H. "Mike" Gharbi, real estate broker, Austin, Texas, was sentence to twelve months and a day in prison, to be followed by five years supervised release and was ordered to pay restitution of $84,914. Gharbi was found guilty in April of wire fraud, bank fraud and conspiracy to commit mail fraud after a week long federal jury trial in Austin, Texas.

Gharbi was indicted in 2004 along with 24 other people and was accused of buying homes utilizing fraudulent documents and appraisals and then reselling them to co-conspirators at inflated prices. Mortgage lenders suffered $15 million in damages, according to prosecutors.

Gharbi is the fourth person sentenced in the case; 12 of the defendants were sentenced to probation, one was sentenced to time served and two still await sentencing. Of the other defendants, charges against one were dismissed, two await extradition, two remain fugitives and one committed suicide shortly after the indictment was handed down.