A local banker has been dealt an 18-month federal prison sentence for his role in a bribery scheme, Courthouse News Service is reporting.
San Diegan Israel Hecther paid nearly $1 million during his time as the owner of Ocean 18 and Note Tracker Corp. for assistance in rigging bids that allowed him to purchase mortgage loans originated by GMAC Mortgage, JP Morgan Chase, and National City Bank.
In exchange for assistance ranging from providing information about what others were bidding to acquire loans to rejecting, ignoring, or even erasing competing bids, Hecther paid off bank employees — Chase's Lynda Sanabria received a six-month sentence earlier this year for collecting a ransom of $300 per loan for leaking information about competitors.
Hechter's brother Amir also received 18 months for his role in the scam; his father Zeev was sentenced to six months. La Jollan Jack Prober, Hecther's partner, faces sentencing in early October.