The former president of the failed Bank of Asheville admitted in court Thursday that he made an illegal $500,000 loan in the name of a “straw borrower” substituted for the true borrower.Read the full article
In addition to the count of bank fraud, Gordon “Buddy” Greenwood pleaded guilty in U.S. District Court to one count of money laundering.
Magistrate Judge Dennis Howell told Greenwood he faces a maximum of 40 years in prison and $1.25 million in fines. A date for sentencing has not been set.
Howell ruled that Greenwood can remain free pending sentencing.