Arrested development leads to federal cases.
Position | West |
Buddy Greenwood, the former president and CEO of Bank of Asheville, pleaded guilty in May to federal charges of money laundering and wire fraud. A month earlier, a federal grand jury indicted developer Keith Vinson and four others, accusing them of defrauding banks to keep afloat Vinson's Seven Falls Golf and River Club in I lenderson County. The court documents didn't tie Greenwood's case to the others, but together they allege a loankiting scheme involving top executives of two Asheville banks.
[ILLUSTRATION OMITTED]
2006
Columbia, S.C.-based National Bank of South Carolina lends Vinson $25 million to build Seven Falls, a luxury golf development. (1)
2007
Seven Falls sells about 70 residential lots priced between $250,000 and $650,000. (1)
2008
The real-estate market stalls, and Vinson can't get another loan, so he and three others plan to dupe banks to pay Seven Falls' bills. In August, an associate borrows $1.7 million from Bank of Asheville. (1)
[ILLUSTRATION OMITTED]
2009
In March, Greenwood knowingly approves a $500,000 loan to a straw borrower. (2) In August, Pisgah Community Bank President Ted Durham agrees to participate in the scheme in exchange for one of the conspirators buying a Pisgah-financed home that is on the verge of default. (1) From July through November, Vinson takes $4 million from a Bank...
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