Greenville Man Sentenced to 46 Months for $700,000 Fraud Scheme
Columbia, South Carolina ---- United States Attorney Sherri A. Lydon stated today that Calvert J. Drummond, Jr., age 35, of Greenville, was sentenced to 46 months’ imprisonment in federal court in Anderson related to a conspiracy to commit wire fraud, a violation of Title 18, United States Code, Section 1349. United States District Judge Timothy M. Cain, of Anderson, imposed sentence and also ordered Drummond to pay $742,000 in restitution to his victims.
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, travel, and obtain jewelry and other high-end items.
The case was investigated by the Federal Bureau of Investigation. Assistant United States Attorney Bill Watkins of the Greenville office handled the case.