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Pennsylvania appraiser convicted by federal jury for inflated appraisals
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A federal jury in Pennsylvania handed down its decision June 11 in a mortgage fraud case in which an appraiser was accused of providing fraudulently inflated appraisals.
After deliberating for nearly five hours, the jury found James Lignelli of Presto, Pa., guilty of three counts of bank fraud, according to a June 11 announcement by the U.S. Attorney’s Office for the Western District of Pennsylvania. Lignelli will be sentenced Sept. 26 and faces up to 90 years in prison, a fine of $3 million, or both.
Lignelli’s prosecution was the result of an investigation by the Mortgage Fraud Task Force, a group of investigators from federal, state and local law enforcement agencies, as well as mortgage industry leaders.
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