ASHEVILLE, N.C. — A federal judge has ruled that convicted banker George Gordon Greenwood must pay more than $9 million in restitution to the victims of his fraud.
The Asheville Citizen-Times reported that the former Bank of Asheville president was sentenced earlier this year to four years in prison on fraud charges.
Prosecutors on Wednesday acknowledged that Greenwood does not have the assets to cover the restitution.
U.S. District Judge Henry Herlong Jr. says if others are convicted, they will be required to pay restitution.
The ruling says Greenwood is liable for nearly $6 million in restitution to the Federal Deposit Insurance Corp. as receiver for Bank of Asheville, which failed last year. The ruling says Greenwood is responsible for more than $3 million to Queen’s Gap Holding Co. LLC, another victim.
This article was provided by The Associated Press. (Copyright 2012 by The Associated Press. All Rights Reserved.)