Man to Appeal Prison Term for Inflated Appraisals
DAVENPORT, Iowa (AP) - A former real estate appraiser will appeal an order that he spend six months in prison for filing false appraisals to allow Quad Cities-area customers to refinance their home loans.
Michael Saad filed notice Tuesday that he will ask the 8th U.S. Circuit Court of Appeals to reduce the sentence issued Monday by U.S. District Judge Stephanie Rose.
Rose ordered Saad to pay $131,000 in restitution to Deere Harvester Credit Union and to spend six months on home confinement after his prison term. He's free during the appeal.
Prosecutors say Saad knowingly inflated the values of properties he appraised in 2007 to justify higher mortgages. They say he misrepresented the size, age and other details of the properties.
Saad reached a plea agreement in November.