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Appraiser Tells Jury Appraisals Are Opinion-Based
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March 2, 2009
An appraiser who based her defense on convincing the jury that appraisals are based on opinion was found guilty on nine counts of mortgage fraud.
Lavon Ivy, an appraiser, her father John Ivy, 70, their company PTOT Enterprises along with a mortgage broker, Phillip Stevens and his company M & S Investments were found guilty on 23 counts of mortgage fraud.
In one case, Lavon Ivy reportedly inflated an appraisal by at least $30,000 , failed to disclose known violations on the home and failed to disclose that her and her father's company would be receiving proceeds at closing to repair the house.
Lavon Ivy, 38, faces up to 26 1/2 years, her father faces 4 1/2 years and Stevens, 52, faces up to 10 1/2 years.
Read story at Cleveland.com
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