Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, March 21, 1992                   TAG: 9203210331
SECTION: VIRGINIA                    PAGE: A-3   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

DEVELOPER PLEADS GUILTY IN LAKE LOT SALES

But Meteney found himself on the wrong side of the law Friday.

He pleaded guilty to three misdemeanor counts of failing to provide tennis courts, docks and a swimming pool that he and his partner had promised to build at a waterfront subdivision in Franklin County.

As part of a plea agreement, Franklin County prosecutors dropped a more serious charge that Meteney embezzled more than $20,000 from the property owners association at the Lynville-on-the-Lake subdivision.

Meteney admitted no criminal wrongdoing in connection with the alleged embezzlement, but agreed to pay $15,000 in restitution.

His partner, Dwight L. Dean, entered into a similar plea agreement last month.

Franklin County Commonwealth's Attorney Cliff Hapgood said he was satisfied with the agreement with Meteney because it could prevent him from selling lots in another state.

"I know a lot of people would like to see him go to jail," Hapgood said. "But I think what we did was the right thing to do.

"He's on record now as being a `criminal developer.' I think in this case labeling is a very important consideration."

Under the plea agreement, Circuit Judge B.A. Davis III gave Meteney a three-year suspended prison sentence and placed him on probation.

Hapgood said that Meteney could end up in jail if he falls behind on his obligation to make monthly restitution payments of about $400.

It remained unclear Friday if Meteney - who declared bankruptcy in 1991 and could not afford to hire his own lawyer in the criminal case - could make the payments.

Sarah Rice, one of his court-appointed attorneys, said Meteney now sells travel services in Greensboro, N.C. She did not know the name of the company. He could not be reached for comment.

Meteney, 43, is an itinerant salesman who sold timeshares and condominiums in Texas and Alabama before he moved to Smith Mountain Lake in 1987.

He became partner in several ill-fated ventures, including houseboat timeshares at Beacon Light Marina and Harbor Club fisherman's villas.

Meteney and Dean owned two companies, Developing World and Real-Vest Inc., that sold hundreds of lots through direct-mail letters and high-pressure sales tactics.

Real-Vest went out of business in May 1990, a few months after media reports exposed the company's sales tactics and several customers filed fraud lawsuits.

Real-Vest left behind several unfinished docks, roads and common areas in at least five subdivisions, including Parkside Acres, Commodore Cape, Canterbury-on-the-Lake, the Smith Mountain Lake Executive Park and Lynville-on-the-Lake.

In April 1990, Meteney pledged that Real-Vest would keep its promises - even if he had to pay it out of his own pocket. He later declared personal bankruptcy and left the area without completing the work.

Hapgood said he had not received complaints about unfinished work at other subdivisions, but would investigate any situation brought to his attention.