Seven Falls golf resort associates sentenced to prison
Five men were sentenced to prison with charges filed against the failed Seven Falls golf and luxury residential community in Henderson County.
A U.S. district judge sentenced Avery Cashion III, 61, of Lake Luke, to three years in prison; Raymond Chapman, 68, of Brevard, to three years in prison; Thoman Durham Jr., 60, of Fletcher, to 30 months in prison; and Aaron Ollis, of Arden, to two years of probation.
George Gabler, 60, of Fletcher, was also convicted of one count of failing to report misconduct associated with two Seven Falls loans in March 2010.
Sentence included the paying of restitution ranging from $6 million to $14 million for all except Gabler.
Court records stated the defendants conspired and fraudulently obtained money from several banks. The development resulted in the failure of two banks ultimately taken over by the Federal Deposit Insurance Corporation.