U.S. District Judge Thomas W. Thrash Jr., said the prison sentence would be followed by 3 years of supervised release. He also ordered Cooper to pay restitution of $4,720,500.
The appraisals supported $4.7 million in fraudulent loans for purchases in the names of out-of state "investors" of incomplete homes from builder Jeffery Alan Teague.
Teague was sentenced last Oct. 26, to 15 years, 8 months in prison and ordered to pay $7,803,701 in restitution for his part in the fraud. Teague pleaded guilty on Nov. 27, 2006.
"This case highlights the problems created by mortgage fraud in which the appraiser conspired with the builder to misrepresent that construction on homes was complete, compounded by out-of-state 'investors' who sign for loans without inspecting the properties," said U.S. Attorney David E. Nahmias.
http://accesswdun.com/article/2008/1/205776