Kenneth Garabedian, of Worcester, has been sentenced to serve jail time in connection with creating false or misleading bank documents that were used to obtain fraudulent mortgage loans worth millions of dollars, according to Attorney General Martha Coakley’s office.

Garabedian, 55, pleaded guilty to charges of making or publishing false or exaggerated statements (10 counts), aiding and abetting the misconduct of a bank employee (two counts), commercial bribery and conspiracy (two counts). Garabedian was sentenced to two and a half years in prison, with one year to serve and the balance suspended for a probationary period of three years. He must also pay a $4,000 fine.

"The individuals who orchestrated this scheme used their positions in the banking industry and knowledge of the system to take advantage of a vulnerable housing market for their own personal gain, all the while inflicting serious damage to the local community," Coakley said.