Minnesota Feds Bag 4th Conviction In Straw Buyer Scam Investigation Centered On Homebuilder; Appraiser Cops Plea

In another story on the New Prague, Minnesota mortgage fraud investigation centered around homebuilder Parish Marketing and Development, the Minneapolis Star Tribune reports:

• A real estate appraiser from Montgomery, Minn., admitted Thursday to inflating values on 74 homes in the southern Twin Cities suburbs in an alleged mortgage fraud scheme that authorities say bilked lenders out of $50 million. [...] Donald Todd Yeager testified that he inflated his appraisals by $50,000 to $100,000 each. Yeager said that he was paid only his standard $400 fee for each appraisal but that he went along with the alleged scheme to keep the business. [...] Yeager pleaded guilty Thursday to depriving lenders of his "honest services" as a certified appraiser, a felony.

The U.S. Attorney's office estimates the losses attributable to Yeager are between $2.5 million and $7 million and that there are between 10 and 50 victims. Parish Marketing is headed by Michael and Ardith Parish, according to public records. Neither has been charged. For more, see Montgomery, Minn., appraiser admits hyping values (Donald Todd Yeager testified that he inflated value of homes by $50,000 to $100,000 each).

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