Industry News

Real estate pros sentenced in $20 million fraud

Nearly 300 bogus loans involved

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A former Missouri mortgage broker and a former real estate appraiser were sentenced in federal court last week in separate but related mortgage fraud cases involving nearly 300 fraudulent loans worth almost $20 million, officials said. Avonda Nicodemus, 33, of Kansas City, Mo., a former account executive at Ameriquest Mortgage in Gladstone, and Peggy Snodgrass, 40, of Independence, Mo., who operated a real estate appraisal business in Raytown, Mo., were sentenced in separate appearances before U.S. District Judge Fernando J. Gaitan, according to Bradley J. Schlozman, United States Attorney for the Western District of Missouri. The two were sentenced in two related cases involving a property-flipping scheme and mortgage fraud, officials said. Nicodemus was sentenced to five years of probation, including four months of electronic monitoring, and ordered to pay approximately $1.16 million in restitution, officials said. Under the terms of probation, Nicodemus may not work as a loan brok...