MN, FL and Nigeria. Go directly to jail -- Do not pass Go!

[Larry Lyke]

"Go" = Gotcha!

Log on to <www.startribune.com> and Search "Agboola," then read 5-2-02 article containing "Agboola" and "Aihe," among others. There's also 2 more articles from the past.

"Agboola" is the Mortgage Broker.

"Aihe" is the appraiser.

 

[Stephen J. Vertin MAI]

Larry:

Thanks for the article. You know stuff is seriously broken when someone can come from outside the country, make nearly a million in mortgage scams and only do 3 to 4 years in prison.

Steve Vertin

 

[Pamela Crowley (Florida)]

Good point Steve. Plus, the appraiser that was convicted - Aihe - was 'hiding' Agboola at his place in FL????? I thought Aihe was in prison! What's he doing out of prison and still in this country?

 

[Larry Lyke]

Actually, this "group" made about $5,000,000 according to my arithmetic.

WMC of California won a suit for about $3,000,000 in losses. However, they were purportedly buying loans from this group through a "local" agent but had no other monitoring system in place in the region. And there was supposedly included in the mix an unsavory internal liaison.

This ONE group was originally charged in the Summer of '98.

Stop and think of the cost of prosecuting, etc. It's huge.

 

[Stephen J. Vertin MAI]

Larry:

It sure goes to show crime pays big time. That is $1,250,000 of gain for every year in prison. Not counting time for good behavior.


Steve Vertin

 

[Stephen J. Vertin MAI]

Pam:

That is odd. Furthermore, the appraiser lived in Fl., and appraised SF in Mn.? You know this stuff had to pay to fly the appraiser back and forth.


Steve Vertin

 

[Pamela Crowley (Florida)]

Steve,

I think he lived in MN when he did the appraising. I was surprised to read that he's in FL. I had read about him along the way 1 - 2 years ago.

 

[Larry Lyke]

To straighten out the story a little:

Appraiser Aihe was prosecuted first and (without checking my facts) was fined $178,000, $1,000 per demerit, and his appraisal licensed was revoked. Don't remember jail sentence details.

Apparently the appraiser moved to Florida and he was harboring his brother-in-law the mortgage broker.

Might still have been living there, except one of them was selling a property in Minnesota and when the title was sent to a local Minneapolis area title company for updating, a sharp young lady had remembered the name from the newspaper and called the FBI, who is turn waited outside the Florida property closer's office until the closing was consumated, then picked up the "extra guy" and brought him home to the Anoka County Jail (just outside of Minneapolis). Actually, the jail wasn't his home until he got here!