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5 men indicted for $3.8 million in bank fraud - Live5News.com | Charleston, SC | News, Weather, Sports

5 men indicted for $3.8 million in bank fraud

CHARLESTON, SC (WCSC) -

Five South Carolina men were indicted in federal court Wednesday on charges of conspiracy to commit bank fraud and conspiracy to commit money laundering.

John Cornelius Dangerfield, a.k.a Johnny Dangerfield, 48, of Moncks Corner; Robert George Low, Sr., 70, of Moncks Corner; Daniel James Cory Cadden, 42, of Moncks Corner; Lloyd Ray Hayes, of North Charleston, and Jeffrey Michael Belsky, 42, of Easley were each indicted.

The indictment alleges that between July 2004 and Feb. 2009, the defendants conspired to defraud Fifth Third Bank by making misrepresentations to auditors about the status of vehicles that were being sold from several dealerships in Moncks Corner, Myrtle Beach and Easley.

As a result, the group obtained approximately $3.8 million from the bank.

Dangerfield was indicted on an additional three counts of structuring. Conspiracy to commit bank fraud carries a maximum of 30 years imprisonment. Conspiracy to commit money laundering carries a maximum of 10 years imprisonment and the structuring charge carries a maximum of five years imprisonment.

The case was investigated by agents of the Internal Revenue Service, Criminal Investigations and the FBI. Assistant U.S Attorney Nathan Williams of the Charleston office is prosecuting the case.

Copyright WCSC 2011. All rights reserved.

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