Glendale Property Appraiser Gets 5 Years Probation

A Glendale real estate appraiser on Monday was given five years probation for conspiring to falsify the books of defunct Consolidated Savings Bank in Irvine and for failing to file income tax returns.

U.S. District Court Judge Harry Hupp also ordered Harlan Wolfe to provide 750 hours of community service, cooperate with the Internal Revenue Service in figuring his tax bill from 1983 through 1987, and file timely and truthful income tax returns in the future.

Wolfe, 61, pleaded guilty Aug. 27 to conspiring to prepare a phony appraisal of a home for Consolidated so that the thrift’s books would disguise a crooked real estate loan to unnamed straw borrowers.

Under the Los Angeles court’s sentence, Wolfe needs approval from probation officials to do any appraisal work during his probation. He had faced a maximum sentence of nine years in prison and a $650,000 fine. Prosecutors sought a one-year term.

Assistant U.S. Atty. Gregory D. Schetina said Wolfe, who completed 80 to 100 appraisals for Consolidated in little more than a year, was asked by co-conspirators to provide a fraudulent appraisal to create a phony impression for regulators that a loan to two straw borrowers was sound.

Wolfe falsely represented that a Laguna Beach property was a custom-built oceanfront home worth $850,000 when it really was a tract home several miles from the beach worth $200,000.

The thrift funneled $500,000 of the loan amount to Pyrotronics Corp., an Anaheim fireworks company that was owned by Orange County businessman W. Patrick Moriarty. Moriarty, a business associate of Consolidated owner Robert A. Ferrante, served 29 months in jail for his conviction in a separate case on charges political corruption.