Ex-Financial Advisor Indicted On Fraud Charges In S.C.
|By John McDermott, The Post and Courier, Charleston, S.C.|
A state-licensed life and health insurance salesman, Mays was CEO of
The indictment said the alleged fraud took place between
To attract business, Mays advertised bonuses for clients who brought certain types of retirement accounts, and he promised higher returns on CDs than even the banks that issued the savings instruments.
Prosecutors said the pitch was a sham because he had no "business, commercial, or working relationship" with the companies whose products he was selling.
Mays invested about
He returned about
The interstate wire fraud charges stemmed from transactions involving checks that were electronically routed outside
Mays faces a maximum prison sentence of 20 years for each of the 32 counts of wire and mail fraud, plus fines. He also faces up to six years behind bars and financial penalties on the tax charges.
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|Source:||McClatchy-Tribune Information Services|