Industry News

Real estate appraiser sentenced

Man pleaded guilty to 10 counts stemming from property flipping
Published on Aug 16, 2004

A former real estate appraiser who pleaded guilty to charges from a real estate flipping scheme was sentenced in Minneapolis last week to 10 months' confinement. Michael Aihe was also ordered to pay $1,000 to a crime victim fund, according to the Minneapolis Star Tribune. He also must share responsibility with his brother-in-law, Olusoji Michael Agboola, for restitution of $335,9900 to 18 victims. Agboola controlled Advance Mortgage Corp., as well as AG Properties and AGM investment. Both dealt with real estate. Aihe controlled Lakeland Appraisals in Golden Valley. Many real estate fraud schemes play out in much the same way. Sophisticated rings of loan brokers, appraisers, closing agents, attorneys and real estate agents conspire to obtain fraudulent loans and bilk lenders out of millions of dollars. Technology has enabled the crimes to spread, as fraudsters find easier ways to fabricate tax records, employment information, false appraisal reports, and to steal people's identities. F...

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