Real estate appraiser admits inflating property values

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LOCKPORT, N.Y. (WIVB) – A Niagara County man convicted of bank fraud will spend the next six months in home detention.

Darryl Glasco, a licensed real estate appraiser, conspired with a borrower to submit a false appraisal report to support an inflated property value for a mortgage loan for a property in Lockport. The appraisal was submitted to JP Morgan Chase Bank by the 55-year-old Pendleton man, and the bank funded the loan.

James Vasiliou, Jr., the man Glasco helped, has been convicted of bank fraud and will be sentenced in August 2014.

Glasco was sentenced to six months home detention and four years of supervised release.

As part of his plea, Glasco admitted providing false appraisals for nine other properties.

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