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Sunday, February 13, 2011

Former Bank Of Asheville, North Carolina Head Indicted On Money Laundering Charges

Documents filed in the United States District Court in Asheville show George Gordon Greenwood, former president and CEO of the Bank of Asheville, is charged with money laundering and misapplication by a bank officer.

The indictment alleges Greenwood, while bank president, authorized and made a loan to a straw borrower. A straw borrower is defined as an individual named on the loan application who isn’t the intended recipient of the loan.

The indictment also states Greenwood, after approving the $500,000 loan, took proceeds from the loan and made a series of financial transactions for five different parties. The parties were not named in the indictment.

The indictment goes on to state Greenwood made these transactions to launder money obtained through “theft, embezzlement, or misapplication by bank officers or employee.”

If convicted, at least a portion of Greenwood’s property could be seized.

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