News and Press Releases

Quad Cities Area Man Sentenced to 6 Months Imprisonment and
6 Months Home Confinement for Preparing False Appraisals

FOR IMMEDIATE RELEASE
April 2, 2013

DAVENPORT, IA – On April 1, 2013, Michael Saad, age 49, was sentenced to 6 months imprisonment followed by 6 months home confinement for willfully overvaluing property for the purpose of influencing a federally insured credit union, announced United States Attorney Nicholas A. Klinefeldt. United States District Judge Stephanie M. Rose also sentenced Saad to two years supervised release, and ordered Saad to pay $131,575.06 in restitution to Deere Harvester Credit Union.

Beginning in April 2007 and continuing until December 2007 Saad knowingly inflated the values of properties that he appraised in an effort to justify higher mortgage loans for borrowers. Saad misrepresented the square footage, age, number of bedrooms, number of bathrooms, and other information associated with the subject properties, and the comparable properties listed in his appraisals.

This case was investigated by the Federal Bureau of Investigation and was prosecuted by the United States Attorney’s Office for the Southern District of Iowa.

(Download Press Release )

 

 

Return to Top

USAO Homepage
USAO Briefing Room
United States Attorneys 225th Anniversary
What Makes Schools Safer? Using science to discover what works. Federal funding available. Visit NIJ.gov, keywords: 'comprehensive school safety intiative'
Community Outreach

Giving Back to the Community through a variety of venues & initatives.

Law Enforcement Coordinating Committee

Training and seminars for Federal, State, and Local Law Enforcement Agencies.

Project Safe Childhood

Help us combat the proliferation of sexual exploitation crimes against children.

Defending Childhood

Develop knowledge and spread awareness about children's exposure to violence.

Justice 101

Basic primer for the federal judicial system.

Stay Connected: Visit us on Twitter