BUFFALO, N.Y. (AP) — A licensed New York state appraiser has pleaded guilty to bank fraud.
The U.S. Attorney's Office in Buffalo says Thursday that Darryl Glasco of North Tonawanda conspired with a borrower to submit an inflated appraisal to JP Morgan Chase Bank to refinance a property in Lockport, north of Buffalo. As a result, the bank granted the loan.
The borrower, James Vasiliou Jr., pleaded guilty to bank fraud earlier.
The charge carries a prison term of up to 30 years and a $1 million fine.