A Myrtle Beach man pleaded guilty Tuesday to wire fraud in federal court in Florence in connection with a mortgage rescue scheme, authorities said.
Shayne Harrison Smith, 47, pleaded guilty before U.S. District Judge R. Bryan Harwell, who will sentence him at a later date, according to a news release. He faces up to 30 years in prison and a fine up to $1 million.
Authorities said Smith convinced homeowners he could negotiate better terms for their mortgage payments with lenders. Smith had the victims pay him fees, which he used for his own benefit and he told some homeowners to stop making their house payments.
Smith never successfully renegotiated any of the mortgages, according to the U.S. Attorney’s Office.