A South Carolina man is going to have to adjust from a “high-end” lifestyle to living behind bars, according to law enforcement officials.
Calvert J. Drummond, Jr. was sentenced to prison Tuesday, after he broke the law to take hundreds of thousands of dollars from his clients for his own benefit, U.S. Attorney Sherri Lydon said.
The U.S. Attorney’s office said that Drummond used the large amounts of money he got in the scam to “pay personal expenses, travel, and obtain jewelry and other high-end items.”
Drummond got the money from clients that he told he could take their investment and turn it into a greater sum.
Lydon’s office reported that Drummond told clients he was involved with projects that required “large amounts of capital,” and for “a fee of several hundred thousand dollars,” he would secure the clients “bank guarantees worth millions.”
To further his scam, Drummond made fake financial documents for the clients, per Lydon’s office.
When the clients were not getting returns on the money they had given to Drummond, he blamed the banks, according to the U.S. Attorney’s office, which said Drummond was lying and had no way to deliver his big-money promises.
Drummond pleaded guilty to wire fraud, and Tuesday was sentenced to slightly less than 4 years in prison, Lydon’s office reported. Drummond was also ordered to repay his victims restitution in the amount of $742,000.