On December 14, 2004, Mortgage Lenders Network USA, Inc. of Middletown, Connecticut filed a civil lawsuit alleging, among other things, violation of the Racketeer Influenced and Corrupt Organizations Act (â€œRICOâ€) against the following defendants:
Adkins Appraisal Services, Inc., Sylvania, Ohio
Debra Adkins, Sylvania, Ohio
Jay Riccardi, Toledo, Ohio
David G. Anderson, Bowling Green, Ohio
Emilio Soli, Stow Ohio
Global Mortgage Co. is mentioned in the complaint as a non-party Ohio corporation that conducted business as a mortgage broker in Ohio and is no longer a viable corporation. The complaint alleges that Anderson and Soli were affiliated with Global.
The complaint alleges that from March to September 2000, Adkins Appraisal, Debra Adkins and/or Jay Riccardi conspired with Global Mortgage, Anderson and/or Soli, to provide false and fraudulent appraisals of residential properties in return for payment either from Global or the residential borrowers. The complaint further alleges that Global submitted the appraisals with loan applications and that Mortgage Lenders Network made loans in reliance on the appraisals. The complaint identifies 19 specific Ohio properties in Toledo, Findlay, Columbus, Westerville, Lima, Upper Sandusky, Vanlue, Grand Rapids, Galion and Sycamore. The complaint seeks compensatory damages of at least $250,000.