Appraiser Sentenced to 2 Years

admin —  August 16, 2010 — 11 Comments

R. Michael Gee, Mooresville, North Carolina, has been sentenced to 24 months in prison, followed by 36 months of supervised release. Additionally, Gee will have to repay $3,563,125.27 in restitution for his crimes. 

As previously reported on Mortgage Fraud Blog, Gee pleaded guilty in June of 2009 to in connection with his participation in a mortgage fraud scheme involving about $15 million in loans and more than 200 properties.

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11 responses to Appraiser Sentenced to 2 Years

  1. This Housing Market now,is one BIG corrupt twisted mess of Greed,Sellers (along with Banks) with the Help of their Real Estate Agents are getting appraisers to push up prices of their Homes to get rich scams,and BANKSTERS are taken it further by momobo jumbo fees on their loan Shark Money.Banks are just Legalized Goverment Mobsters.They Destroy Familys,Communitys,Citys,Towns,Countys and NOW WHOLE STATES.We will NEVER get a fair shake as a Homeowner as long as Banks hold Mortgages.We are NOT a Free Nation as we are lead to beleive.We are Goverments Slaves and Banks are our whipping guards.Plain and Simple.

  2. catherine Peteson May 17, 2011 at 5:20 am

    when are we going to start blaming the banks for all the housing problems? they give the loans to these straw buyers and want to blame it on the mortgage companies and esp. the appraisers, I know the appraisers have to have prove and blood and first born child for the comps it is sad to see the states and the government try to blame hard working citizens for all this mess and the banks which 1/2 work for the government. I know a couple that purchased a home with no down payment, no debt- ratio and bought a 400,000 house on $50,000 a year how did that happen? we need to just look at the real problem banks should not loan to people that cannot afford if and later it goes into forclosure and it is not the appraisers fault, appraisers never sleep just write and do reports and they get blamed for all.

  3. Click on the link in the article that’s leads to the actual sentencing document…….but be warned, you may get sick when you read it.

    Mr Gee was given a repayment scheduled for the $3.563 million…..without interest…..of $50 a MONTH!!!! Quick math says thats a 5983 year INTEREST FREE repayment schedule. Yeah…..justice was served.

  4. Charles, as a real estate appraiser, I firmly believe most of us are honest and credible. However, some appraisers got caught up in the pressure from unscrupulous mortgage companies.

    I don’t think it’s fair to generalize against Real Estate brokers either. But, you make a good point. Some appraisers are now being persecuted for honest appraisals, basically because they didn’t foresee the collapse of the market.

    This guy however plead guilty. I don’t believe anyone would plead guilty to such charges knowing jail time and restitution would be the consequences, unless they were guilty.

  5. I had a HONEST appraiser for my home,and my Real Estate Agent and loan officer tried to make it look like he didn’t do his job,but guess what I have papers proving other wise.He never finished it,BUT my Real Estate Agent and Loan officer put my loan through Lend America /FHA and I was approved.I do strongly feel that alot of appraiser’s are being blamed for things they really had nothing to do with.It all stems from the Real Estate Agent(mortgage broker) and the loan officer from the BANK’S !!

  6. This guy plead guilty to mortgage fraud. He was no doubt advised a guilty plea would involve jail and paying restitution. That means he knowingly and willingly participated in a fraud of over $3.5 Million. No one from Pasadena was involved. Another bum giving honest appraisers a black eye.

  7. We didn’t need to judge this appraiser,The court ruled on his punishment.I guess there were more evidense to put the appraiser in JAIL and have him pay out $3,563,125.27.Or did they get the evidence from a little old lady from Passudeania?

  8. madashellandImnotgoingtotakeit August 24, 2010 at 2:41 pm

    I think before you judge this appraiser you should know all of the facts. We’re you a juror? We’re you in the courtroom? Do you have all of the facts? Neither do I, nor was I in the courtroom so I will keep my judgements to myself as you should too.

  9. These people that are destroying the American Dream should be put away for 30 yrs not 24 months.We as home buyers lose our dreams and credit to refund our dreams.

  10. It’s funny how the person that commented automatically thinks the poor appraiser was innocent. I think it’s pretty clear that Mr Gee was in cahoots with the others and new what was going on. If he was just some random appraiser doing his job and getting his fee then it’s a non issue. Sneaking bet Mr Gee also pocketed cash in these deals.

    Sorry, I’m a good appraiser and I know to steer clear of these types of situations and to also report them.

  11. Thank you MR Cumo August 18, 2010 at 11:43 am

    Sad sad state of the appraisal world nowdays. You get $150 or $200 to do an appraisal, then you get charged in taking part in a $15 million fraud that the appraiser I bet didnt make a nickel, then of course he has no money for a good Lawyer, so the appraiser has no choice but to plead guilty and goes to jail pennyless, lost his wife , his house, his health, all for being the unlucky appraiser who got called to appraise a property for a pitty $200 bucks. If anyone still want to be an appraiser nowdays he should have his head checked out by a good doctor. Thank you

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