This week, it was announced that 35-year-old Calvert J. Drummond of Greenville had been sentenced to 46 months for conspiracy to commit wire fraud. Drummond has also been ordered to pay $742,000 in restitution to his victims. Evidence showed that Drummond represented to clients that he could acquire alternative financing for various projects, which required large amounts of capital. Drummond promised to secure bank guarantees worth millions in exchange for a fee of several hundred thousand dollars.
The defendant was accused of creating fraudulent financial documentation regarding the alternative financings and showing them to clients. When questioned about the delay of the financing or asked for a return of the fee paid, the defendant blamed the delays and other issues on various banks. The defendant made no mechanism to acquire the alternative financing promised.
It was a fictitious story created to convince clients to pay fees to Drummond. Drummond eventually used the money for personal expenses, travel and high-end items. Further details have been made available here.