Published Dec. 11, 2012
A federal judge ordered Greenville businessman James Pearce Jr. to serve 30 months in prison and pay $3.9 million in restitution after pleading guilty to wire fraud, U.S. Attorney Bill Nettles said.
Pearce, 63, pleaded guilty in June to wire fraud after misleading lenders about the success of his currency trading business, which had lost all of the money it invested.
The plea came after three days of trial in which witnesses testified that Pearce convinced them to loan him money on his false statements that he had a successful currency trading business, Nettles said. But for seven years, Pearce had lost every penny invested in the program, Nettles said.
The case was investigated by agents of the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorney David C. Stephens of Greenville.