Michael Anderson, 46, of Framingham, was sentenced to two years in federal prison for his participation in a scheme to flip condos in Dorchester and Roxbury during the recession, the US Attorney's office reports.
Anderson, who pleaded guilty, will also have to pay more than $11 million in restitution and give up another $7.5 million in ill-gotten gains.
Anderson and others, including speculator Michael David Scott, made money off fees paid by banks for mortgage applications by sham buyers who supplied bogus financial data. When the buyers defaulted, Anderson, Scott and others would repeat the process.
Anderson pleaded guilty to 16 counts of wire fraud, 9 counts of bank fraud and 2 counts of engaging in unlawful monetary transactions.
Federal charges against Anderson.