Thursday, October 28, 2010
Staff report
pittsburgh
A New Castle, Pa., company specializing in providing appraisal services pleaded guilty Wednesday in federal court to a charge of bank fraud, United States Attorney David J. Hickton announced.
Castle Realty Appraisal Services Inc., of 2911 Wilmington Road, pleaded guilty to one count before Senior United States District Judge Gustave Diamond.
As part of the guilty plea, the court was advised that Castle Realty Appraisal Services Inc., provided fraudulent appraisals to First Commonwealth Bank in connection with a loan application.
The appraisals were fraudulent because they misrepresented the values of the properties, the condition of the properties, and whether the properties were occupied.