Man Sentenced for Role in Appraisal Fraud Scam

Allison Tussey —  November 15, 2010 — 2 Comments

Elmer J. “Joe” McIndoo, 55, Watervliet, New York, was sentenced by United States District Judge Thomas J. McAvoy in Albany, New York, to six months of home detention and five years of supervised release for his role in a local mortgage fraud scheme. McIndoo also was ordered to make full restitution in the amount of $135,148.45, due jointly and severally with the other defendants convicted in the case, and he was required to surrender his New York state real property appraiser’s license as a result of his conviction.

McIndoo was sentenced for his involvement in preparing and causing to be submitted false appraisals for each of the properties involved in a fraudulent scheme, led by co-defendant Michael Cassadei, in which the victim financial institution, the former First Union National Bank of Delaware, financed the sale of Capital Region, New York, residential properties in amounts well in excess of their actual value, with the proceeds of the loans used to purchase the properties in much lower amounts and the bulk of the funds retained by the defendants. Cassadei‘s sentencing currently is set for December 15, 2010, at 9:30 a.m., before Judge McAvoy in Albany.

Richard S. Hartunian, United States Attorney for the Northern District of New York; Rene Febles, Special Agent in Charge of the Office of Inspector General, U.S. Department of Housing and Urban Development in New York; John F. Pikus, Special Agent in Charge of the Albany Division of the Federal Bureau of Investigation; and Lt. John D. Durling, of the New York State Police Special Investigations Unit, announced the sentencing.

The ongoing investigation in this matter is being conducted by the Office of the Inspector General of the United States Department of Housing and Urban Development, the Albany Division of the Federal Bureau of Investigation, and the New York State Police Special Investigations Unit, with the assistance of the Internal Revenue Service – Criminal Investigation Division, the United States Postal Inspection Service, and the New York State Banking Commission. It is being prosecuted by the United States Attorney’s Office for the Northern District of New York.

 

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Allison Tussey

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2 responses to Man Sentenced for Role in Appraisal Fraud Scam

  1. Candido gonzalez November 30, 2010 at 2:53 am

    i was wondering if Record & Return Title Agency, had something to do in this matter

  2. The Hon. Thomas J. McAvoy is to be commended for sentencing Joe McIndoo in a fair and just manner. It obvious that this judge “get it”! That is, it doesn’t take a rocket scientist to figure out who the “real” criminals are in this mortgage mess–Wall Street bankers. They created this horrible mess where millions of homeowners are suffering. Packing the federal prisons with small time real estate appraisers, loan originators, local brokers, and title loan closing agents only serves as a sham and cover-up for Wall Street. The rest of the world (China, Japan, Germany, and other European Countries) have lost all faith in Wall Street. Our Federal Justice system has got to prosecute these theiving criminals!!!!!! I said it before, they are after the wrong people. Congress has given them millions of additional dollars. These greedy CEOs must be prosecuted so that the rest of the world will trust us. It will look really, really bad if they don’t.

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