Michigan Appraiser Sentenced

After pleading guilty to conspiracy charges in connection with a multi-million dollar mortgage fraud scheme to commit bank fraud before U.S. District Judge George Caram Steeh, Ali Haidous, a real estate appraiser from Dearborn, Michigan, was sentenced to one year of imprisonment. Haidous admitted to inflating appraisals in a scheme involving 16 total properties located in Detroit, Dearborn, and Dearborn Heights, Michigan. Mortgages totaling $1.9 million were issued on the 16 properties by several financial institutions between April 2005 and April 2008. Haidous admitted to being paid $1,000, rather than his usual fee of $300-$500, for each fraudulent appraisal. Haidous prepared the fraudulent appraisals for co-defendant Hassan Nagi, a mortgage broker from Dearborn Heights, who used the fraudulent appraisals to submit false applications to obtain the mortgages for "straw buyers. Nagi pleaded guilty on Dec. 15, 2008 and is scheduled to be sentenced in April.