According to a recent article in the
Charleston Regional Business Journal, 48-year-old Timothy D. Mays, of Summerville, has been indicted on federal
investment fraud charges, including mail fraud and wire fraud. The indictment
was filed in Charleston on Tuesday, January 8.
Mays is accused of running an investment scam that supposedly promised
a guaranteed rate of return on certificates of deposit, and he allegedly
targeted senior investors in some of his investment ads with tempting
bonuses for converting their retirement accounts. According to the accusations
against him, Mays allegedly took in over $1 million from investors but
only invested a fraction of that amount. Instead, Mays allegedly used
investors’ cash to keep up the appearance of legitimacy and for
his own personal and luxury expenses.
Of the more than $1 million taken in by Mays, $200,000 is believed to have
gone into investments, and approximately $203,000 went toward keeping
up the appearance of legitimacy after investors started to complain. It
has been alleged that the remaining $686,477 in investors’ cash
was used personally by Mays, and his expenditures allegedly included medical
bills, child support, vacations, a car, and other day-to-day expenses.
Unfortunately, stories like this are not so uncommon. If you believe you
have become the victim of investment fraud, stockbroker misconduct, or a
Ponzi scheme, reach out to the experienced
investment fraud lawyers with Meyer Wilson.