El Paso, TX – Daniel O’Leary, manager and registered agent for El Paso Asset Appraisals, LLC, d/b/a/ Asset Property Management, paid a $100,000 civil penalty yesterday to settle allegations that he falsely certified home appraisals performed by uncertified assistants. These appraisals were subsequently relied upon by the Federal Housing Administration (FHA) in insuring home mortgage loans.
In addition to payment of the civil monetary penalty, O’Leary has agreed to surrender any Appraiser’s licenses he maintains in the State of Texas, or any other state, for a period of five years.
The claims asserted against the defendant under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 are allegations only; there has been no determination of liability. The investigation by the HUD-OIG, FHFA-OIG and the FBI, with assistance from the Texas Appraiser Licensing and Certification Board (TALCB), revealed evidence indicating that appraisals were certified as having been performed by Mr. O’Leary on dates when he was traveling out of the state or out of the country.
“Regulations requiring certified appraisals before a home mortgage is guaranteed by the FHA are in place to protect consumers and taxpayers” said U.S. Attorney Ashley C. Hoff. “Any time someone tries to circumvent those regulations for personal gain it places consumers and the FHA program at risk.”
Assistant U.S. Attorney Eduardo R. Castillo handled this matter for the government. The investigation was led by U.S. Attorney Ashley C. Hoff, Catherine Huber, Special Agent in Charge of the Central Region of the Federal Housing Finance Agency, Office of Inspector General (FHFA-OIG), Bertrand Nelson, Special Agent in Charge, Department of Housing and Urban Development, Office of Inspector General (HUD-OIG), and FBI Acting Special Agent in Charge Jeffrey Coburn.
Daniel O’Leary, a resident of El Paso, Texas, was the manager and registered agent for El Paso Asset Appraisals, LLC, d/b/a/ Asset Property Management. He is accused of violating the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 by falsely certifying home appraisals performed by uncertified assistants.
Defendant Name: Daniel O’Leary
Crime: Falsely Certifying Home Appraisals
State: Texas
Date: March 29, 2024
Sentence: $100,000 civil penalty and surrender of Appraiser’s licenses for a period of five years
Dollar Amount: $100,000
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Key Facts
- State: Texas
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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