Michael Lane Prevette, Greensboro, North Carolina, was sentenced to 42 months imprisonment in federal court in connection with loan application and appraisal fraud.
Brian Keith Perdue, appraiser, was sentenced to 5 years probation and ordered to pay $886,749.02 in restitution.
In October of 2016, Prevette pled guilty to count one of an indictment, which charged Conspiracy to Commit Application Fraud. After Prevette completes the term of imprisonment, he will be on federal supervised release for 3 years and has been ordered to pay $886,749.02 in restitution. United States District Judge R. Bryan Harwell of Florence imposed the sentence.
Prevette was involved in a scheme in which mortgage lenders were misled when members of the conspiracy caused fraudulent loan packages to be submitted to the lenders. These packages included inflated real estate appraisals which were prepared at Prevette’s direction. These properties were located in the Myrtle Beach area.
United States Attorney Beth Drake made the announcement. The case was investigated by the FBI. Assistant United States Attorney John C. Potterfield of the Columbia United States Attorney’s Office prosecuted the case.