Upstate New York Man Sentenced for Role in Mortgage Fraud Scheme – NMP Skip to main content

Upstate New York Man Sentenced for Role in Mortgage Fraud Scheme

Nov 15, 2010

Richard S. Hartunian, United States Attorney for the Northern District of New York; Rene Febles, Special Agent in Charge of the Office of Inspector General, U.S. Department of Housing & Urban Development (HUD) in New York; John F. Pikus, Special Agent in Charge of the Albany Division of the Federal Bureau of Investigation (FBI); and Lt. John D. Durling, of the New York State Police Special Investigations Unit, announced that Elmer J. "Joe" McIndoo has been sentenced by United States District Judge Thomas J. McAvoy in Albany to six months of home detention and five years of supervised release for his role in a local mortgage fraud scheme. McIndoo also was ordered to make full restitution in the amount of $135,148.45, due jointly and severally with the other defendants convicted in the case, and he was required to surrender his New York state real property appraiser's license as a result of his conviction. McIndoo of Watervliet, N.Y. was sentenced for his involvement in preparing and causing to be submitted false appraisals for each of the properties involved in a fraudulent scheme, led by co-defendant Michael Cassadei, in which the victim financial institution, the former First Union National Bank of Delaware, financed the sale of Capital Region residential properties in amounts well in excess of their actual value, with the proceeds of the loans used to purchase the properties in much lower amounts and the bulk of the funds retained by the defendants. The ongoing investigation in this matter is being conducted by the Office of the Inspector General of the United States Department of Housing and Urban Development, the Albany Division of the Federal Bureau of Investigation, and the New York State Police Special Investigations Unit, with the assistance of the Internal Revenue Service - Criminal Investigation Division, the United States Postal Inspection Service, and the New York State Banking Commission. It is being prosecuted by the United States Attorney's Office for the Northern District of New York. For more information, visit http://albany.fbi.gov.
About the author
Published
Nov 15, 2010
CHLA Backs Bank Capital Proposal, Questions Impact On Mortgage Lending

Trade group supports lower mortgage risk weights but says broader market forces — not capital rules — drove banks' retreat from the market

Senate Passes 21st Century ROAD To Housing Act In 85-5 Vote

Sweeping housing package heads back to House after Senate clears final version with broad bipartisan support

MISMO Updates Business Glossary To Support AI, eMortgages

New definitions covering eHELOCs, remote online notarization, valuation modernization, and compliance initiatives aim to improve consistency

Underwriters Don’t Slow Down Loans. They Eliminate Uncertainty.

ndustry’s biggest bottleneck is not underwriting itself — it is the uncertainty that reaches underwriting too late in the process. When validation happens upstream, speed follows naturally.

MISMO Launches AI Governance Framework For Mortgage Lenders

New FRAME toolkit gives lenders, servicers, and technology providers a roadmap for managing AI risk while supporting innovation

CFPB Tells Lenders Immigration Status Can Factor Into ATR Analysis

CFPB frames immigration status as a potential ability-to-repay factor when future U.S.-based income is at risk