Real estate appraiser admits inflating property values

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. provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review. Note: Comments containing links are not allowed.

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