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ALLUM v. VALLEY BANK OF NEVADA

No. 23394.

849 P.2d 297 (1993)

Robert L. ALLUM, Appellant, v. VALLEY BANK OF NEVADA, Valley Capital Corporation, Valley Mortgage Company, Kenneth Callahan, Arthur Daniel Ryssman and Perry DiLoreto, Respondents.

Supreme Court of Nevada.

March 24, 1993.

Attorney(s) appearing for the Case

Kenneth J. McKenna, Reno, for appellant.

Scarpello & Alling, and Rick Oshinski, Carson City, for respondent DiLoreto.

Vargas & Bartlett and Debra A. Robinson, Reno, for respondents.

OPINION

PER CURIAM:

FACTS

Valley Mortgage Company ("VMC") employed Robert L. Allum ("Allum") as a loan officer.1 VMC and the other defendants engaged in an illegal loan scheme involving "D.E. Program" loans which Allum would underwrite in the course of his duties as an FHA underwriter. VMC's loan scheme obtained investors' money by false pretenses because the loans did not comport with FHA guidelines as investors believed...

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