Greenville Man Pleads Guilty in $700,000 Fraud Scheme
Columbia, South Carolina ---- United States Attorney Beth Drake stated today that Calvert J. Drummond, Jr., age 34, of Greenville, pled guilty today in federal court in Greenville, to conspiracy to commit wire fraud, a violation of Title 18, United States Code, Section 1349. United States District Judge Timothy M. Cain, of Anderson, accepted the plea and will impose sentence after he has reviewed the presentence report which will be prepared by the U.S. Probation Office.
Evidence presented at the change of plea hearing established that Drummond represented to clients that he could obtain alternative financing for various projects that required large amounts of capital. In exchange for a fee of several hundred thousand dollars, Drummond promised to secure bank guarantees worth millions.
Drummond would create fraudulent financial documentation regarding the alternative financing and show them to the clients. When pushed by clients on the delay of the financing or for a return of the fee paid, Drummond would blame the delays and other issues on various banks.
Drummond had no mechanism to obtain the alternative financing promised; this was a fictitious story created to persuade clients to pay fees that Drummond used to pay personal expenses. Agents estimate that Drummond stole over $700,000 during the scheme.
Ms. Drake stated the maximum penalty Drummond can receive is a fine of $250,000 and/or imprisonment for no more than 20 years, plus a special assessment of $100.
The case was investigated by the Federal Bureau of Investigation. Assistant United States Attorney Bill Watkins of the Greenville office handled the case.