Myrtle Beach financier sentenced to more than 3 years
MYRTLE BEACH, S.C. -- A financier accused of taking millions of dollars in deposits for two planned North Myrtle Beach condominium projects has been sentenced to prison.
U.S. Attorney Bill Nettles says Larry Duwayne Woods was sentenced this week to 41 months in federal prison. Woods previously pleaded guilty and was also ordered to pay more than $730,000 in restitution.
Woods was charged in 2011 with making illegal bank transfers of $4.5 million from Bahama Island condominium project deposits and almost $1 million from Crystal Palace condo deposits. Prosecutors say Woods sent some of the money to two developers who pleaded guilty in the case but he pocketed more than $2 million.
The deposits were from people who planned to buy condo units. The money was supposed to be kept in escrow.