Local Appraiser Pleads Guilty to Conspiracy to Commit Bank Fraud Charge

BUFFALO, NY——U.S. Attorney William J. Hochul, Jr. announced today that Darryl Glasco, 54, of North Tonawanda, New York, a licensed New York State appraiser, pleaded guilty to conspiracy to commit bank fraud. The charge carries a maximum penalty of 30 years in prison, a fine of $ 1,000,000, or both.

Assistant U.S. Attorney Kathleen A. Lynch, who is handling the case, stated that the defendant conspired with James P. Vasiliou, Jr., a borrower, to submit a false appraisal to JP Morgan Chase Bank to refinance a property located at 16 Blackley Court in Lockport, New York. The false statements resulted in an inflated fair market value for the property and were used to obtain approval of the loan.

Vasiliou pleaded guilty to bank fraud and is awaiting sentencing.

This law enforcement action is part of President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch and, with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

The plea is the result of an investigation by the Mortgage Fraud Task Force of Western New York, led by the U.S. Attorney’s Office, which includes agents and personnel from the United States Secret Service, under the direction of Special Agent in Charge Tracy Gast; and the Federal Bureau of Investigation, under the direction of Special Agent in Charge Brian P. Boetig.