A man convicted of bank fraud has been directed to pay restitution of $334,024 by U.S. District Judge Richard J. Arcara, U.S. Attorney William J. Hochul Jr. announced Thursday.
Darryl Glasco, 55, of Pendleton, a licensed real estate appraiser, also was ordered to serve six months of home detention and four years supervised release.
Prosecutors said Glasco submitted a fraudulent appraisal as part of a mortgage fraud scheme with a borrower, James P. Vasiliou Jr. They admitted to inflating the value of a property in Lockport in order to get a bigger mortgage loan from JP Morgan Chase Bank.
Glasco also admitted to giving false appraisals for nine other properties. Vasiliou, 48, of Lockport, has been convicted of bank fraud and will be sentenced in August.