Myrtle Beach Man Sentenced on Wire Fraud Charge
Contact Person: John Potterfield
Florence, South Carolina---- Acting United States Attorney Beth Drake stated that Shayne Harrison Smith, of Myrtle Beach, South Carolina, was sentenced to 63 months imprisonment in federal court. In July of 2015, Smith pled guilty to Wire Fraud, in violation of Title 18, United States Code, Section 1343. After Smith completes the term of imprisonment, he will be on federal supervised release for 5 years. Smith was also ordered to pay $2,213,307.99 in restitution to the victims in his case. United States District Judge R. Bryan Harwell, of Florence, imposed the sentence.
Information presented at an earlier hearing established that Mr. Smith was involved in a "mortgage rescue scheme." He convinced distressed home owners that he could negotiate better terms of repayment with their lenders. Mr. Smith required the victims to pay him fees which he used for his own benefit. He encouraged some of the home owners to cease communicating with their lenders and stop making payments to the lenders, because he would take care of everything. Mr. Smith never successfully renegotiated any of the mortgages.
The case was investigated by the FBI. Assistant United States Attorney John C. Potterfield of the Columbia United States Attorney’s Office prosecuted the case.