Pittsburgh Area Appraiser Pleads Guilty to Fraud Charges

Pittsburgh Area Appraiser Pleads Guilty to Fraud Charges

June 24, 2011

Richard Lawrence Veazey of Pittsburgh, Pa. has pleaded guilty in federal court to a charge of wire fraud conspiracy in connection with a mortgage fraud scheme. In connection with the guilty plea, the court was advised that Veazey, who was an appraiser, participated in a conspiracy in which he submitted fraudulent appraisals that overstated the value of the properties serving as collateral for loans. He also accepted responsibility for providing fraudulent appraisals in connection with an otherwise unrelated mortgage fraud scheme. The parties agreed that the loss caused by Veazey’s criminal conduct was between $1 million and $2.5 million.
The law provides for a total sentence of 20 years in prison, a fine of $250,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offenses and the criminal history, if any, of the defendant. Assistant United States Attorney Brendan T. Conway is prosecuting this case on behalf of the government.

Compliance, Settlement