Appraiser Admits Conspiring to Submit False Valuation

Allison Tussey —  January 3, 2014 — 8 Comments

Darryl Glasco, 54, North Tonawanda, New York, a licensed New York State appraiser, pleaded guilty to conspiracy to commit bank fraud. The charge carries a maximum penalty of 30 years in prison, a fine of $ 1,000,000, or both.

According to the plea, the defendant conspired with James P. Vasiliou, Jr., a borrower, to submit a false appraisal to JP Morgan Chase Bank to refinance a property located at 16 Blackley Court, Lockport, New York. The false statements resulted in an inflated fair market value for the property and were used to obtain approval of the loan.

Vasiliou pleaded guilty to bank fraud and is awaiting sentencing.

U.S. Attorney William J. Hochul, Jr. announced the guilty plea.

The plea is the result of an investigation by the Mortgage Fraud Task Force of Western New York, led by the U.S. Attorney’s Office, which includes agents and personnel from the United States Secret Service, under the direction of Special Agent in Charge Tracy Gast; and the Federal Bureau of Investigation, under the direction of Special Agent in Charge Brian P. Boetig.

Assistant U.S. Attorney Kathleen A. Lynch, is handling the case.

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8 responses to Appraiser Admits Conspiring to Submit False Valuation

  1. I learned early in my short appraisal career that you can’t make it as an appraiser unless you “Play ball”.

    • Glad you only had a short appraisal career. Find better clients who want real values, you make money and don’t have to worry about this garbage.

  2. I’ve made it for 30 years as an appraiser without “playing ball”.

    • Ditto. I’ve made it 35 years without playing ball. I fired Countrywide in 2006 when they got really corrupt, went back to commercial appraisals for 3 years and rode out the crash of 2008-2012. Residential appraising is actually pleasant now since the bad actors aren’t allowed to badger us now. Wonder how long this will last.

  3. Without falsified appraisals, you can’t have “equity skimming” mortgage fraud. This is one of the rare cases that an appraiser was actually prosecuted. The vast majority of “bad actors” are never prosecuted.

  4. Well it is for Chase which is one of the worst abusers of appraisers on the planet. They only rival Nationstar for complaints to state boards and now the legal system about appraisers. This is what happens when they hire bottom feeders like Corelogic/eappraiseit.

  5. There is something rotten in Denmark. Whrn this makes the news. While bogh state and federal agencies have been denying my rights, abusing my family. In efforts to protect my former husband. Who is responsible for playing a key role in at least 80 % of the Nations Mortgage Fraud.
    Selective prosecution. To make it appear that the government is really doing something to stop mortgage fraud. They spend the rest of their time protecting the worst offender. When they are not spending the proceeds they themselves obtained from mortgage fraud. Hypocricy grates on a raw nerve in me.

  6. More than three-fourths of U.S. real estate appraisers are very or somewhat positive about the demand for their services over the next one to two years, according to an Appraisal Institute survey released today.

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