MB man sentenced to 5 years, $2.2m in restitution to victims of - WMBFNews.com, Myrtle Beach/Florence SC, Weather

MB man sentenced to 5 years, $2.2m in restitution to victims of mortgage scheme

Shayne Smith. (Source: Florence County Detention Center) Shayne Smith. (Source: Florence County Detention Center)

FLORENCE, SC (WMBF) – A Myrtle Beach man was sentenced to over five years in prison for his alleged involvement in “mortgage rescue scheme,” in which he convinced distressed homeowners that he could negotiate with lenders, but never did. He’s ordered to pay back over $2.2 million to victims.

Shayne Harrison Smith, who pleaded guilty to wire fraud in July 2015, was sentenced to 63 months in prison at a federal court in Florence, according to a news release from the U.S. Attorney’s Office. After his release from prison, he will be on federal supervised release for five years. He was also ordered to pay $2,213,307.99 in restitution to the victims.

Smith allegedly convinced homeowners that he could negotiate better terms of repayment with the lenders, and required victims to pay him feeds, which he used for his own benefit, the news release states. He encouraged some homeowners to stop communicating and making payments to their lenders, because he would take care of everything. Officials said Smith never renegotiated any mortgages.

The case was invested by the FBI, and prosecuted by Assistant U.S. Attorney John Potterfield.

Copyright 2016 WMBF News. All rights reserved.

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