Myrtle Beach man enters guilty plea to wire fraud in federal cou - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Myrtle Beach man enters guilty plea to wire fraud in federal court

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FLORENCE, SC (WMBF) – U.S. Attorney Bill Nettles stated Wednesday that Shayne Harrison Smith, age 47, of Myrtle Beach, South Carolina has entered a guilty plea in federal court in Florence, to wire fraud, a violation of 18 U.S.C. § 1343, according to a news release from the FBI.

U.S. District Judge R. Bryan Harwell of Florence accepted Smith’s guilty plea and will sentence him after he reviews the presentence report, which will be prepared by the U.S. Probation Office.

Mr. Nettles stated the maximum penalty for wire fraud is imprisonment for 30 years and/or a fine of $1,000,000.

The release states, at the change of plea hearing, material was presented that established Smith was involved in a “mortgage rescue scheme.” Smith persuaded distraught home owners that he could negotiate better terms of repayment with their lenders.

The victims were required to pay Smith fees that he used for his own benefit and he encouraged some of them to quit speaking with their lenders and to halt making payments to their lenders. Smith told the home owners that he would handle everything but never successfully renegotiated any of their mortgages.

F.B.I. Agents investigated the case and Assistant U.S. Attorney John C. Potterfield of Florence is prosecuting the case.

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