A Myrtle Beach attorney and one other have entered guilty pleas of conspiracy to commit wire fraud as part of a fraudulent investment scheme, officials say.
Michael Mark McAdams, 43, of Myrtle Beach, and Robert Dane Freeman, 69, of Greenville, entered the pleas Monday after evidence showed that McAdams and Freeman solicited millions of dollars claiming the two could double or triple investors’ money, according to U.S. Attorney Bill Nettles.
The men used a series of overseas banking transactions as part of the scheme which included soliciting McAdams’ clients, Nettles said. McAdams and Freeman then used the funds for personal expenses.
In addition, McAdams used funds from new victims to make payments to previous investors in order to hide the scheme, Nettles said.
McAdams has been suspended from practicing law.
Sentencing in the case has not yet been scheduled, but McAdams and Freeman face a maximum penalty of twenty years in prison and a $250,000 fine, Nettles said.