Man Pleads Guilty in $82M Real Estate Fraud Scheme

Allison Tussey —  June 12, 2013 — Leave a comment

Randy Alan Carpenter, 54, Spruce Pine, North Carolina, pled guilty to charges contained in the indictment, though the contents of the plea agreement remain sealed.

As previously reported by Mortgage Fraud Blog, Carpenter was charged with conspiracy, bank fraud and making false statements on tax returns.

According to the superseding Indictment, the defendant and his co-conspirators operated a scheme to defraud federally insured banks and individual investors out of over $82 million in residential mortgage loan proceeds through a proposed real estate development near Spruce Pine, North Carolina, known as the Village of Penland. The indictment alleges that the conspiracy lasted from about December 2001 through about May 2007, and that during that time Carpenter closed over 300 residential real estate loans to individuals secured by Penland lots and valued at approximately $108 million.

The indictment further alleges that Carpenter defrauded both investors and banks by failing to provide the legal services indicated and through various false statements made to the banks to obtain the loans. The indictment also alleges that Carpenter was paid approximately $2 million in fees related to the Penland transactions.

The first charge in the indictment alleges conspiracy to make a false statement and application in relation to a loan, conspiracy to commit mail, wire and bank fraud. Counts two through five allege bank fraud, and counts six and seven allege that Carpenter filed false tax returns.

The investigation is being jointly handled by the FBI, IRS and FDIC-OIG. The case is being prosecuted by Assistant United States Attorneys Michael E. Savage and Maria K. Vento of the U.S. Attorney’s Office in Charlotte.

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