Update: Earlier this month, we reported on a scam in Myrtle Beach in which two developers, Jeff Shoup and Tommy Hix, took millions of dollars from investors in order to build two condominium buildings:  Crystal Palace and Bahama Island. The two men pled guilty to fraud and conspiracy and were sentenced to jail terms and monetary restitution, but most involved in the trial agreed that it was unlikely that investors would ever recoup their money since it was largely spent on lifestyle and not invested or saved.

Now, however, the scam is turning out to be more complicated and federal officials are hoping to track down the Myrtle Beach con man that they believe masterminded the scheme and may have even deceived Shoup and Hix as well[1]. Duwayne Woods told the developers that if they sent him $6.4 million in deposits that he could finance the building projects. Investors in the project believed that the money was being held in an escrow account. Woods disappeared in 2007 with $2.2 million. He may have fled to Europe after conducting similar scams elsewhere in the country. Investors in the scam are hoping that officials can track Woods down because, as one lawyer for the victims put it, “You find Duwayne and you find some money.” That money could serve to compensate the would-be investors for the loss of their $75,000 deposits.

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[1] http://www.thesunnews.com/2011/05/29/2188339/feds-hunting-condo-con-man.html