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NY appraiser admits to bank fraud conspiracy

December 20, 2013
Associated Press

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.



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