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United States v. Gourlay

United States District Court, W.D. North Carolina, Asheville Division

February 24, 2014

UNITED STATES OF AMERICA, Plaintiff,
v.
ROBERT CRAIG GOURLAY, Defendant.

ORDER

MARTIN REIDINGER, District Judge.

THIS MATTER is before the Court on the Government's Statement of Position on Restitution [Doc. 33].

On December 4, 2013, the Court deferred the final determination of restitution in this matter until December 30, 2013. [Doc. 22]. That deadline was later extended so as to give the parties additional time within which to reach a stipulation or otherwise file briefs regarding the stipulation amount. [See Doc. 27]. The Government's brief was filed on January 24, 2014. [Doc. 33]. The Defendant did not file a brief regarding the restitution amount.

Having reviewed the Government's brief and the entire record in this cause, the Court concludes that restitution should be ordered in the amount of $6, 237, 453.37. This amount is owed to the victim banks and is calculated as follows:

Named Victim Description Original Loan Charge-Off/Loss Borrower Bank Amount Amount Buck CBR Lot Loan Program, $307, 500 $306, 146.40 Cashion Lot 98 Ray CBR/PCB Lot Loan Program, $300, 000 None[1] Chapman Lot 110 George CBR/PCB Lot Loan Program, $296, 250 $248, 636.15 Gabler Lot 118 Buck CBR Lot Loan Program, $618, 750 $615, 027.60 Cashion Lot 131 Ray CBR Lot Loan Program, $581, 250 $577, 866 Chapman Lot 141 George CBR Lot Loan Program, $569, 250 $569, 250 Gabler Lot 142 K. Rantzos PCB Lot 112 $195, 000 $162, 500 K. Rantzos PCB Lot 116 $202, 500 $170, 000 K. Rantzos PCB Lot 122 273, 750 $210, 300.63 Dion PCB Lot 138 $596, 250 $522, 022.85 Holdings Ed Worlund PCB AML Funding $650, 000 None[2] Loan Betty Zieger PCB BZ Straw Loan $450, 000 None[3] Betty Zieger PCB Payroll Loan $50, 000 None[4]

Joan Cashion PCB JLC Straw $850, 000 $742, 000 Loan Ray Chapman PCB Quid Pro Quo $1, 100, 000 $934, 801.77 Buck Cashion PCB Quid Pro $1, 100, 000 $342, 835.57 Quo/Jarco Loan Collier Market PCB Quid Pro Quo $360, 000 $104, 976 Holdings Somily PCB Quid Pro Quo $825, 000 $731, 090.40 Holdings Total $6, 237, 453.37 Restitution

Of the six original loans issued through the Community Bank of Rowan (CBR), only two were purchased by Pisgah Community Bank (PCB) as promised. Thus the restitution payee for the remaining four CBR loans would be VantageSouth Bank, the institution that later merged with CBR.

Pisgah Community Bank was closed by the FDIC, so the FDIC as Receiver for Pisgah Community Bank would be the recipient of restitution for loans issued through or purchased by that PCB.

Finally, Defendant Gourlay's liability should be joint and several with the following co-defendants:

• All Loans: David G. Smith, Avery Ted Cashion, III, Raymond M. Chapman, Thomas E. Durham, Jr., and Keith Arthur Vinson.
• Gabler Loans and Ed Worlund Loan Only: George M. Gabler (in addition to the parties listed previously).
• Dion Holdings and Quid Pro Quo Loans Only: Nicholas Dimitris (in addition to the parties listed previously).
• All Loans Except the Ed Worlund Loan, the Betty Zieger Loans, and the Jarco Loan: Aaron Ollis (in addition to the parties listed previously).
• Any other persons who may be found to be liable.

Accordingly, IT IS, THEREFORE, ORDERED that restitution shall be ordered in the amount of $6, 237, 453.37. The Clerk of Court shall prepare an Amended Judgment in accordance with the provisions of this Order.

IT IS SO ORDERED.


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