David Saks: Man Pleads Guilty to Wire Fraud

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Man Pleads Guilty to Wire Fraud

Man Pleads Guilty to Wire Fraud

U.S. Attorney’s Office March 20, 2013
  • District of South Carolina (803) 929-3000
 

COLUMBIA, SC—United States Attorney Bill Nettles stated today that Larry Duwayne Woods, age 69, pled guilty today in federal court in Florence, South Carolina, to wire fraud, a violation of Title 18, United States Code, Section 1343. United States District Judge Terry L. Wooten of Florence, South Carolina, 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 in 2004 and 2005, David Thomas Hix and Jeffrey Shoup (both previously convicted for related charges) were operating T&J Development Inc. and attempted to develop condominium and marine projects in North Myrtle Beach called Bahama Island and Crystal Palace.

Hix and Shoup unsuccessfully attempted to obtain financing from banks.

They were then introduced to Larry Duwayne Woods who promised that he could finance the properties by providing $145,000,000 in financing.

Hix and Shoup had been pre-selling the condominium units resulting in over $5,000,000 being placed in an account at the National Bank (NBSC) of South Carolina in Myrtle Beach.

Woods convinced Hix and Shoup that they needed to wire this money to a stock account, which he had opened in New York.

On October 10, 2006, Hix and Shoup wired $3,500,000 from the NBSC account to Woods’ New York account.

Woods returned some of the money, which was used to pay investors or misused by Hix and Shoup.

Approximately $2.200,000 of the money was kept by Woods.

Mr. Nettles stated the maximum penalty Woods can receive is a fine of $250,000 and/or imprisonment for 20 years, plus a special assessment of $100.

The case was investigated by agents of the Federal Bureau of Investigation. Assistant United States Attorneys William E. Day, II, of the Florence office, and Winston Holliday and Jamie Schoen, of the Columbia office, handled the case.

source: FBI



David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • March 20 2013 03:38PM

Comments

So sad that people were cheated and pre sold these units ..Glad they were caught

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) about 7 years ago

When that kind of investment capital is on the line for any kind of development, Hannah, some kind of assurances should be in place for the investors that would make amends for their losses. These scams seem to be very common in this day and age, within a wide spectrum of sophistication and financial loss.

Posted by David Saks ((retired)) about 7 years ago

This blog does not allow anonymous comments