A securities lending program dismantled, six arrested


MONCKS CORNER, SC (WCSC) — Six people accused of running a bogus securities lending scheme in the Moncks Corner business have been arrested, police said Friday.

Investigators said the program was exhausted by the Title Max on Highway 52.

Police say employees, 35, Susan Gould, Eric Cumbee, 27, and Jodi Pendergast, 37, created fraudulent title loans and asked clients and family members to cash the checks.

“Basically what they were doing was creating fictitious securities loans, getting checks for five thousand dollars for each of those loans,” Moncks Corner police Lt. Michael Roach said.

Detectives said two customers and the son of one of the employees cashed the checks.

Dolores Lopez, 29, Sametria Barr, 29, and Pendergast’s son Harley Rainwater, 19, were also arrested.

Investigators say the fraudulent checks were made out to them and also cashed by them.

“They would issue the check for five thousand dollars, someone would go cash it and then they would split the proceeds,” Roach said.

Roach said the suspects took old titles, blanked them out, and typed in fake vehicle identification numbers.

Then Title Max officials did an audit.

“They found five loans of five thousand dollars each that were very suspicious and they called us. It didn’t take long to figure it out,” Roach said.

Police arrested Gould in Jacksonville, Florida on Friday. All six face charges ranging from grand theft to criminal association.

©2012 WCSC. All rights reserved.


Comments are closed.