George Gordon "Buddy" Greenwood. Courtesy Asheville Citizen-Times.
ASHEVILLE - A federal judge ruled that convicted banker George Gordon "Buddy" Greenwood must pay more than $9 million in restitution to his victims.
But prosecutors acknowledged on Wednesday that the former Bank of Asheville president, sentenced in May to four years in prison on fraud charges, doesn't have enough assets to cover the amount called for in the settlement.
Judge Henry Herlong Jr. ruled that if others charged in the fraud scheme are convicted, they too will be required to pay toward the restitution.
The ruling states that Greenwood is liable for $5.86 million in restitution to the Federal Deposit Insurance Corp. as receiver for Bank of Asheville, which failed in January 2011, and $3.25 million to Queen's Gap Holding Co. LLC, another victim that had an account with the bank.