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.