Thomas M. Groh, 57, appraiser, Universal Appraisal Service, pleaded guilty to one count of wire fraud, admitting he inflated appraisals in connection with a mortgage fraud scheme to sell run-down apartment buildings in Chicago, Illinois for amounts in excess of their value. Lenders suffered damages of $11M. Sentencing is scheduled for June 1, 2005. Groh has agreed to cooperate with the government.
Grohâ€™s codefendants, mortgage broker Mohammad “Mike” Kakvand and Syed Ali Mohammed Razvi, are fugitives.