SPARTANBURG, S.C. -- A Michigan man has been sentenced to more than five years in prison after he pleaded guilty to defrauding a South Carolina company out of $4 million.
Darryl Clements, 46, of Detroit, had pleaded guilty to wire fraud, the Herald-Journal of Spartanburg reported.
U.S. District Judge G. Ross Anderson sentenced Clements to 62 months in prison and ordered him to pay $4 million to Gibbs International of Spartanburg.
Federal prosecutors say Clements tried to obtain a $100 million loan for a Canadian wind farm project and Gibbs International agreed to put $4 million in an escrow account to help secure the loan.
Before providing the money, Gibbs insisted there be an insurance policy to protect the funds in case the loan did not close on time.
Clements created fraudulent documents showing there was insurance to pay Gibbs if the deal failed, prosecutors said.
Gibbs said it later learned Clements took the money and there had been no insurance policy.
Clements had faced up to 20 years in prison and a $250,000 fine.
Information from: Herald-Journal, http://www.goupstate.com/