HORRY COUNTY, SC (WMBF) - Two South Carolina men entered guilty pleas in connection to an investment fraud case, one of which was a Myrtle Beach lawyer.
According to the Federal Bureau of Investigations, "United States Attorney Bill Nettles stated today that Michael Mark McAdams, 43, of Myrtle Beach, and Robert Dane Freeman, 69, of Greenville have entered guilty pleas to conspiracy to commit wire fraud in violation of Title 18, United States Code, Section 1349. Facts during the plea hearing revealed that using a series of overseas banking transactions, McAdams and Freeman took millions of dollars from investors as a part of a fraud that claimed the victims' money, and used the funds for personal expenses.
McAdams worked as an attorney in Myrtle Beach. He solicited his clients into the scheme and used money invested by new victims to make payments in order to hide the investment fraud from previous victims, according to officials. McAdams has since been suspended from the practice of law by the SC Supreme Court.
The FBI reports that sentencing hasn't been scheduled yet but McAdams and Freeman are facing up to twenty years in prison and a fine of $250,000.
The case was investigated by the FBI's Special Agents and it was prosecuted by Assistant United States Attorney T. DeWayne Pearson in the Columbia office.