Final Co-Conspirator Sentenced in Village of Penland Scheme
Fifty-six-year-old Randy Alan Carpenter of Spruce Pine was sentenced to 27 months in federal prison last week in Charlotte for his part in the Village of Penland real-estate scheme which defrauded federally insured banks and individual investors out of over $82 million in residential mortgage loan proceeds through the proposed real estate development. Carpenter was given the sentence for giving false statements on his tax returns. According to court records, he received more than $1.2 million in professional fees for his work with the failed development project. In addition to the time in prison, Carpenter, the last of six co-conspirators to be sentenced in the scheme, was ordered to pay $507,995 in restitution to the IRS. The investigation, dating back to 2008, was jointly handled by the FBI, IRS and FDIC Office of Inspector General.