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NORTH MYRTLE BEACH — Jeff Shoup and Tommy Hix, the would-be developers of the failed Bahama Island and Crystal Palace condominium resorts here, were indicted this week on fraud and conspiracy charges as part of a federal crackdown on mortgage fraud along the Grand Strand.
The indictment accuses Shoup and Hix of stealing about $10 million from investors in those and other condo projects during the height of this area’s housing boom. The two men will be arraigned next month in Florence on charges that could put them in prison for up to 30 years.
The alleged fraud is among several mortgage-related criminal cases involving Horry County developers, mortgage brokers and bankers, including:
Surfside Beach developer Kenneth Paul Holmes, who pleaded guilty Wednesday to a felony bank fraud charge.
Read more: http://www.thesunnews.com/2010/04/29/1447308/condo-peddlers-indicted.html#ixzz0mUm1vxoH
