RE Broker Guilty of Phony Appraisals

Published October 04, 2010, 6:16 p.m. EDT

Updated October 04, 2010, 5:16 p.m. EDT

1 Min Read

A licensed real estate broker who appraised loans for Staley Credit Union in Decatur, Ill., was convicted Friday of providing phony appraisals on 40 real estate loans, which may cost the lender $1 million in losses.

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Terry Hart, 58, the owner of Hart Realty, was charged with conspiring with Diane Shelton, 62, the former loan officer at the credit union, and Mark Brown, a former licensed real estate appraiser.

Shelton and Brown entered guilty pleas to nine counts of fraud and are scheduled for sentencing Nov. 12.

Hart is scheduled to be sentenced in January.

Ed Roberts

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