Greenville Man Gets Federal Sentence

Investment Scammer

Seth Stokes
August 21, 2018 - 10:12 am
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GREENVILLE, S.C. (AP) — A Greenville man has been sentenced to nearly three years in federal prison for scamming investment clients out of hundreds of thousands of dollars.

U.S. Attorney Sherri Lydon said Tuesday 35-year-old Calvert J. Drummond Jr. has been sentenced to 46 months in prison. Drummond was also ordered to pay $742,000 in restitution.

He pleaded guilty last year to conspiracy to commit wire fraud. Authorities say he admitted promising clients bank guarantees worth millions if they paid him several hundred thousand dollars up front.

Investigators say Drummond had no means to obtain the financing he promised, instead using clients' money to fund personal expenses like travel and jewelry.

FBI investigators said Drummond created fraudulent financial documentation for alternative financing to show to clients, blaming subsequent repayment delays on various banks.
 

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