Former financial adviser indicted in Charleston on fraud charges
A federal grand jury has indicted a former Summerville financial adviser on 28 counts of wire fraud and other alleged crimes, saying he spent more $686,000 from investment clients on personal and business expenses.
Timothy David Mays, 48, also is charged with mail fraud, as well as filing false tax returns and failing to file tax returns for several years, according to a document filed with U.S. District Court in Charleston today.
Mays was CEO of MaysGroup Financial and Life Trust Financial LLC, both based in Summerville.
Prosecutors said the alleged fraud took place between November 2008 and June 2011 and affected 17 clients.
The maximum prison sentence for each count of wire fraud and mail fraud is 20 years. The maximum sentence for the count of willfully filing a false income tax return is three years. The maximum sentence for each count of willfully failing to file an income tax return is one year.
The case was investigated by agents of the Federal Bureau of Investigation and the Internal Revenue Service. It is being prosecuted by assistant U.S. Attorney Dean H. Secor.
See upcoming editions of The Post and Courier for more details.
Reach John McDermott art 937-5572.
Comments { }
Postandcourier.com is pleased to offer readers the enhanced ability to comment on stories. We expect our readers to engage in lively, yet civil discourse. Postandcourier.com does not edit user submitted statements and we cannot promise that readers will not occasionally find offensive or inaccurate comments posted in the comments area. Responsibility for the statements posted lies with the person submitting the comment, not postandcourier.com. If you find a comment that is objectionable, please click "report abuse" and we will review it for possible removal. Please be reminded, however, that in accordance with our Terms of Use and federal law, we are under no obligation to remove any third party comments posted on our website. Read our full Terms and Conditions.