Niagara Gazette


June 19, 2014

Home confinement ordered for mortgage fraud schemer

Niagara Gazette — A Pendleton man has been ordered to pay more than $330,000 restitution to the bank that he defrauded, the U.S. Attorney's office announced Thursday.

Darryl Glasco, 55, who was convicted of bank fraud, was sentenced to six months of home detention and four years of supervised release by U.S. District Judge Richard Arcara.

Glasco also was ordered to pay restitution totaling $334,024.08 to JP Morgan Chase and Bank of America.

Glasco, a licensed real estate appraiser, submitted a fraudulent appraisal in connection with a mortgage fraud scheme, according to Assistant U.S. Attorney Kathleen A. Lynch.

Glasco was accused of conspiring with a borrower, James P. Vasiliou Jr., to support an inflated property value for a mortgage loan. Lynch said Glasco inflated the value of a property in Lockport by using false locations and values for comparable properties. The phony appraisal was submitted to JP Morgan Chase Bank, which approved and funded a loan for the property.

Vasiliou, who also was convicted of bank fraud, is to be sentenced in August, according to Lynch.

As part of the plea agreement, Glasco admitted to providing false appraisals for nine additional properties, Lynch said.

The case was investigated by the Mortgage Fraud Task Force of Western New York, which is composed of personnel from the U.S. Attorney's Office, the U.S. Secret Service and the U.S. Department of Housing and Urban Development.

Text Only | Photo Reprints
Featured Ads
House Ads
AP Video
13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp
House Ads
Night & Day
Twitter News
Follow us on twitter
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Front page