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.
Groh’s codefendants, mortgage broker Mohammad "Mike" Kakvand and Syed Ali Mohammed Razvi, are fugitives.
Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.