NCUA on Wednesday banned a former real estate appraiser used by Deere Harvester CU for filing false appraisals to allow members to refinance their home loans with the Davenport, Iowa, credit union.
In April, Michael Saad, 50, was sentenced to six months in prison and ordered to pay $131,000 restitution. He was barred by NCUA from participating in the affairs of any federally insured financial institution because of his role as an affiliated party.
Saad inflated the values of properties he appraised in 2007 to justify higher mortgage loans for borrowers. Authorities said he misrepresented the square footage, age, number of bedrooms, number of bathrooms, and other information associated with the subject properties and the comparable properties listed in his appraisals.
NCUA said it has barred Marivic Arano, a former employee of Sierra Point CU, for embezzling $202,000 from the San Francisco credit union; David Beard, a former director at Health Alliance FCU for a conviction on larceny of $7,709; and Shawn Lee Nelson, a former employee of Members Choice CU in Houston.
Also barred were Nkajlo Vangh, a former director of Hmong American FCU, which failed in 2011, and True Yang Vangh, a former employee at the St. Paul, Minn., credit union.
