Florence Man Sentenced for Wire Fraud
Contact Person: Beth Drake (803) 929-3000
Columbia, South Carolina -----United States Attorney Bill Nettles stated today that Michael Shane Smith, age 41, of Florence, SC, was sentenced today in federal court in Florence, South Carolina, for wire fraud, a violation of 18 U.S.C. §1343. United States District Judge R. Bryan Harwell of Florence sentenced to 33 months imprisonment, five years supervised release, and ordered to pay back $575,572.00 in restitution.
Evidence presented at the change of plea hearing established that Smith was employed by Ferguson Enterprises, Inc., in Florence, South Carolina, as a credit manager. Ferguson Enterprises, Inc., is a wholesale distributor of plumbing, heating, and air conditioning, fitting and valve products with 2000 offices throughout the United States. Part of Smith’s responsibilities as credit manager for Ferguson Enterprises, Inc., Florence office, was to process checks and cash from other branches of Ferguson Enterprises and then prepare an accounting and make bank deposits. From January 2006 until August 2011, Smith stole $575,572.00 from Ferguson Enterprises, Inc., by removing cash that he received from one Ferguson branch office and replacing the amount of cash he had taken with checks from another branch office. Smith then prepared false deposit tickets to conceal the money he had embezzled from Ferguson Enterprises, Inc.
The case was investigated by agents of the United States Secret Service. Assistant United States Attorney William E. Day, II of the Florence office handled the case.