Lydell Flowers, 32, an Overland Park, Kansas real estate appraiser, pled guilty to one count of conspiracy to commit money laundering, admitting that he helped prepare inflated appraisals of Kansas City, Missouri properties so that the excess amount could be shared and misappropriated by co-conspirators.
According to the Indictment, from October 2002 through January 2004, Flowers allegedly submitted inflated appraisals and caused to be submitted false and fraudulent loan applications to lenders to obtain money and funds. The indictment stated specifically that Flowers submitted a false and fraudulent appraisal on a property located on the 7000th Block of Kensington, Kansas City, Missouri. Flowers is set for sentencing on June 9, 2008.
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.