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Two more defendants sign consent agreements in Penland case

Two more defendants in the Penland real estate scheme have reached consent agreements that bars them from working in North Carolina under certain circumstances.

A total of six people have now entered consent judgments in the case.

Penland was a real estate venture in Mitchell County that used inflated appraisals to entice consumers into borrowing millions of dollars to purchase property. The Village of Penland was conceived as a 2,000-lot residential and retail development in the western North Carolina mountains.

Under a consent judgment entered by the court on Thursday, Michael Yeomans, a Florida developer, will pay $400,000 in restitution and be barred from developing, marketing or selling real estate in North Carolina if the project involves deceptive appraisals, sales incentives of more than $100 and a host of other conditions.

The other defendant signing a consent agreement was A. Greg Anderson, a North Carolina appraiser.

According to Attorney General Roy Cooper's office, Anderson conducted appraisals that substantially overstated the value of property sold to consumers as part of the Village of Penland scheme.

Under a consent judgment entered last month, Anderson is barred from working as an appraiser in North Carolina while his license is suspended.

 

Two more defendants in Village of Penland scheme sign consent agreements

Two defendants in the Village of Penland real estate scheme in Mitchell County have signed consent agreements that will require them to turn over assets and money from the project.

Attorney General Roy Cooper's office announced that Richard Amelung and J. Kevin Foster have entered into consent judgments with his office.

Amelung must provide the proceeds of an insurance policy to the court-appointed receiver in the case, and the state and the receiver have the right to claim any assets he failed to disclose when he declared bankruptcy.

Foster will pay $100,000 to the receiver.  If Foster is found to own any funds or property that he has not disclosed, the receiver can claim those assets as well.

Two other defendants, Anthony Porter and Neil O’Rourke, previously entered into similar consent judgments with the AG's office.

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