Charleston con-man sentenced to 20 years

Charleston, SC - COLUMBIA, SC (WMBF) - A 51-year-old Charleston man has pleaded guilty to counts of mail fraud and making a false statement to the FBI in federal court Friday.

U.S. Attorney William Nettles said evidence presented in trial established that from 2002 to 2007, Michael Derrick Peninger was the president of three firms that traded commodity futures contracts and developed real estate.

Officials allege Peninger obtained more than $7 million from more than 40 investors based on fraudulent representations regarding his financial success and security of his investments.

A judge sentenced Peninger to 240 months in jail and three years of supervised release.

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