Printer Friendly

APPRAISER SENTENCED TO 37 MONTHS IN LAND FLIP SCHEME

 APPRAISER SENTENCED TO 37 MONTHS IN LAND FLIP SCHEME
 BOSTON, Sept. 14 /PRNewswire/ -- A real estate appraiser was sentenced on Sept. 11, 1992 to 37 months in jail for her role in a land flip scheme to commit 13 land flips in the Brockton, Mass. area.
 U.S. Attorney A. John Pappalardo announced that Janet G. Dolber, 44, of Whitinsville, Mass., was sentenced after a jury convicted her and two co-defendants last May of conspiracy and 13 counts of wire fraud. Dolber's co-defendants, attorney Joseph Cassiere and Janet Pezzullo, received sentences of 46 months and 22 months respectively.
 U.S. District Court Judge William G. Young sentenced Dolber to a term of imprisonment of 37 months, to be followed by three years supervised release. Dolber was also ordered to pay restitution in an amount of $5,980, the sum which she profitted from the illegal land flip scheme.
 The evidence at trial was that Dolber prepared inflated appraisals to justify bank loans on the final purchases of 13 flipped properties. The Dolber appraisals were prepared at the request of Rate Line, Inc. and its principals, Thomas DeNunzio and Glenn Monteiro. Rate Line, DeNunzio and Monteiro have already been sentenced for their roles in the land flip scheme. Among other things, Dolber stated in her appraisals that the properties were "in average condition" and needed "no modernization" when they lacked basic amenities and were uninhabitable. She also used sales which were not arms length sales as her comparables to justify her inflated appraisals.
 The case was investigated by Special Agents of the Boston office of the Federal Bureau of Investigation and was prosecuted by Margaret R. Hinkle of Pappalardo's Economic Crimes Unit. Pappalardo said the investigation of Brockton land flips is continuing.
 -0- 9/14/92
 /CONTACT: U.S. Attorney's press office, 617-223-9445/ CO: ST: Massachusetts IN: SU:


DD -- NE027 -- 9358 09/14/92 18:08 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 14, 1992
Words:316
Previous Article:THE COOPER COMPANIES REPORTS THIRD QUARTER RESULTS
Next Article:WOBURN AND EAST BOSTON RESIDENT SENTENCED TO SEVEN YEARS FOR ATTEMPTED ARMED ROBBERY OF A BURLINGTON BANK
Topics:


Related Articles
An appraiser by any other name: the differences between real estate and business appraisers.
The long and short of it.
The reviewer is always right?
Appraisal myths.
Out-of-State Appraiser Sues California for Temporary License and Wins. (Industry & Institute News).
HUD to propose "Appraiser Watch," other fraud reduction programs. (Industry and Institute News).
2003 errors & omissions claims analysis.
Appraisal groups express concern over portions of HUD anti-flipping rule.
Winrock sues appraiser.
Lawsuits, complaints soar in recession.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters