A North Tonawanda appraiser who submitted a false residential appraisal to a mortgage lender pleaded guilty Thursday to bank fraud.
The appraisal by Darryl Glasco, 54, a licensed New York State appraiser, was done as part of a refinancing of a property on Blackley Court in Lockport and resulted in an inflated value for the property.
Assistant U.S. Attorney Kathleen A. Lynch said Glasco conspired with James P. Vasiliou Jr., the borrower, in submitting the false appraisal to JP Morgan Chase Bank. Vasiliou also has pleaded guilty to bank fraud and is awaiting sentencing.
The plea is the result of an investigation by the Mortgage Fraud Task Force of WNY, led by the U.S. Attorney’s Office and including the Secret Service and FBI.