Upstate developers plead guilty
Two Upstate developers pleaded guilty to conspiracy to commit bank fraud and await sentencing. According to an announcement by the U-S Attorney, William F. Binnicker, 47, of Easley, and Rufus G. Revis, 78, of Anderson tried to put together a real estate project called Riviera Estates. The government called Riviera Estates a straw buyer scheme in which investors would borrow the funds to build the homes. The announcement by U-S Attorney Bill Nettles quotes a law enforcement estimate that Wells Fargo and Regions Bank were defrauded out of about $2 million. Potentially, Revis and Binnicker face as much as $1 million fines or 30 years in prison, or both.