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.