Montecastro and Stonewood Consulting are accused of engaging in a scheme by which they used inflated appraisals to obtain mortgages larger than the selling prices of the properties their clients purchased.
Stonewood took the difference between the actual sale price and the mortgage amount as compensation in addition to regular sales commissions, the complaint said.
The department said an audit of 10 properties conducted as part of its investigation showed the accused collected $969,158 in extra compensation as a result of inflated appraisals.
Yep. That guy should go to jail… for a long time.