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.