Ferguson Enterprises manager takes money from company - WMBFNews.com, Myrtle Beach/Florence SC, Weather

FLORENCE, SC (WMBF) – Michael Shane Smith, age 40, of Florence entered a guilty plea to wire fraud.

Smith was a credit manager at Ferguson Enterprises Inc. in Florence.

Smith's duties include preparing daily invoices of money and checks received from branches and then making bank deposits.

Instead, Smith withdrew cash from deposits received from other Ferguson Enterprises branch offices and substituted checks.

Over a five year period starting January 2006 through August 2011 Smith embezzled at least $575,572.

By the time Smith was caught, he had checks totaling over $1 million hidden in his office.

The US States Attorney's Office announced Smith could be sentenced to 20 years in prison and/or a $250,000 fine.

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