FLORENCE, SC (WMBF) - A former credit manager for Ferguson Enterprises in Florence that is charged with wire fraud has been sentenced to spend more than two years in jail.
According to US Attorney Bill Nettle's office, 41-year-old Michael Shane Smith of Florence worked as a credit manager for Ferguson Enterprises, Inc. - a wholesale distributor of plumbing, heating and air conditioning products.
He was responsible for processing checks and cash from the other 2,000 branches across the nation to make bank deposits. The press release says from January 2006 to August 2011, Smith stole $575,572 from the company by taking the cash received from the other branches and replacing it with checks.
He would then create false deposit slips to cover his tracks.
On June 6, US District Judge R. Bryan Harwell sentenced 41-year-old Michael Shane Smith of Florence to 33 months in prison, five years supervised release and ordered him to pay $575,572 in restitution.