South Carolina "Armchair Investing" Program Ends In Lawsuit Against Developer, Bank

In Anderson, South Carolina, nearly 20 people who had purchased homes in the now-defunct Pendleton Station mixed-use, residential development have filed suit against the real estate companies that sold the properties, the developers and companies involved in building Pendleton Station and Enterprise Bank of South Carolina, the bank that funded the project, according to a report in the Anderson Independent Mail.

The plaintiffs claim that they were directly solicited to purchase properties at Pendleton Station by developer Marshall Reddick, who reportedly developed and promoted a system called “armchair investing,” where buyers can avoid doing their own research by using his hand-picked real estate agents, builders and lenders, according to the lawsuit. For more, see Pendleton Station buyers sue over the failed project.

For a story update, see Close to Home: Pendleton Station (9-25-07).