Owner of Low Country Concrete owes $1M in restitution, mostly to New Jersey investors
A single mother's con to get investors for her Summerville concrete business ended Thursday with a six-year sentence in federal prison.
Additionally, Lillian Pair owes more than $1 million in restitution, mainly to a small group of her investors.
The money, which she said was needed to help her business, instead went to a lavish lifestyle of cars, homes and NASCAR events, prosecutors said.
Pair, 42, a petite woman of around 5 feet tall, broke into tears at the federal courthouse in Charleston as she apologized in front of U.S. District Judge David Norton.
"Things got way out of hand in a little bit of time," said Pair, who has two teenage children.
Pair owned Low Country Concrete, which was a broker for industrial concrete, prosecutors said. In 2005, she obtained $700,000 in investment capital from numerous investors in New Jersey. In soliciting the money, she provided fabricated invoices and account receivables that grossly overstated the financial health of the company, prosecutors said.
Based on her fraudulent representations, the investors wired $700,000 from New Jersey to Charleston.
Officials doubt the investors will get all their money back from her spending spree, although Pair did have to forfeit her home. The official nature of her crime was wire fraud. No one else was charged.
Assistant U.S. Attorney Rhett DeHart said the crime was particularly "despicable" in that Pair made a false police report, telling authorities that two of her victims were members of the New Jersey "mob" trying to sell guns illegally.
The move was an act of intimidation against them, he said, and showed Pair had "an evil heart."
Reach Schuyler Kropf at 937-5551, or firstname.lastname@example.org.