Share story

RALEIGH, N.C. (AP) — Prosecutors say a North Carolina man must forfeit $1.3 million and $300,000 in gold bullion following his conviction on bank fraud and other charges.

The Winston-Salem Journal reports the U.S. Attorney’s office said 30-year-old Xavier Milton Earquhart of Greensboro forged a deed on property owned by an out-of-state landowner, then channeled ownership through fictitious people and a holding company before taking the title.

U.S. Attorney Robert J. Higdon Jr. said Earquhart also forged bank lien releases, in some instances stealing the identities of bank workers or using fictitious notaries. He created Delaware holding companies to hide his activities and sold the properties to third parties. As a result, some homeowners lost their investment in the properties.

Earquhart, who was found guilty Thursday, could get up to 30 years in prison.