The Appraisal Institute is facing a sprawling legal attack from a former top executive who alleges the organization was riddled with financial mismanagement, insider dealing and retaliation.
Craig Steinley, former president of the Chicago-based nonprofit, filed a defamation and whistleblower lawsuit accusing the organization and several active and former leaders of forcing him out of the trade group, Bisnow reported. The complaint follows a tumultuous year for the Appraisal Institute, whose internal drama has spilled into public view amid mounting questions about its finances and oversight.
Steinley was removed from the board last year after former chief executive officer Cindy Chance accused him of sexual harassment in a separate lawsuit.
Chance later dropped her claims against Steinley and settled with the organization on undisclosed terms. Steinley argues the allegations were never substantiated and that leadership weaponized them to sideline him as he raised concerns about the group’s operations.
The 45-page complaint paints a picture of an industry organization consumed by infighting while its finances deteriorated. Steinley alleges the Appraisal Institute inflated membership figures in tax filings, obscured losses tied to its education programs and steered contracts to insiders without competitive bidding.
He claims the organization knowingly overstated its membership count by including deceased and retired appraisers on its rolls.
The lawsuit also takes aim at the...
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