MYRTLE BEACH, SC (WMBF) – A Myrtle Beach attorney has entered a guilty plea deal in an investment fraud case.
Michael Mark McAdams, age 43, entered the guilty plea to conspiracy to commit wire fraud, according to Bill Nettles, U.S. attorney for the district of South Carolina.
According to facts presented during the guilty plea hearing, McAdams solicited millions of dollars from investors, making them believe he could double or triple the victims' money using a series of overseas banking transactions.
McAdams worked as an attorney in Myrtle Beach and used the money received for personal expenses. He also used money from new victims to pay previous victims in order to hide the scheme, according to Nettles.
McAdams has been suspended from the practice of law by the South Carolina Supreme Court, and faces a maximum penalty of twenty years of imprisonment and a fine of $250,000.