Myrtle Beach, SC - MYRTLE BEACH, SC (WMBF) - Officials are investigating an alleged fraudulent investment program involving a Myrtle Beach lawyer and second man, an attorney with the SEC said Friday.
Spokesman Ed Sullivan tells WMBF News that Myrtle Beach lawyer M. Mark McAdams is facing a multi-million dollar lawsuit alleging he, and R. Dane Freeman, committed fraud with a high-yield investment program by offering a number of victims unobtainable returns of investment. The lawsuit, Sullivan says, involves over 30 victims.
The civil case against McAdams and the second man is requesting the repayment of at least $3.5 million, but officials that number can increase through the judicial process.
McAdams was previously listed as a partner with the McNair Law Firm on its website; however, an office manager says he is no longer with the firm.