2 charged in NC real estate scheme plead guilty

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by Associated Press

WCNC.com

Posted on September 23, 2013 at 3:50 PM

Updated Monday, Sep 23 at 4:30 PM

ASHEVILLE, N.C. (AP) -- Two more defendants accused in a scheme to cheat banks out of more than $20 million in connection with a failed western North Carolina development have pleaded guilty. 

The Asheville Citizen-Times reports court records say Avery Ted Cashion III and Raymond Chapman Jr. each face up to five years in prison and $250,000 fines when they're sentenced,  

Both men pleaded guilty last week in U.S. District Court in Asheville to one count of conspiracy to defraud the United States. Terms of the plea agreement remain sealed. 

Prosecutors say Cashion and Chapman were involved in a scheme with Seven Falls developer Keith Vinson to have "straw borrowers" buy lots in the development they did not intend to repay.  

Vinson and three other defendants are scheduled to go trial next month.
 

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