Monterey: Sherman Smith Sentenced for Real Estate Development Fraud Scheme
Former Clovis Pastor, Sherman Smith Sentenced to over 7 Years in Prison for Real Estate Development Fraud Scheme
Smith ordered to pay over $2 million in restitution
FRESNO, CA (STL.News) Sherman Smith, 74, of Monterey, was sentenced today to seven years and three months in prison and ordered to pay $2,187,000 in restitution for a scheme that defrauded church congregants and others, U.S. Attorney McGregor W. Scott announced.
In sentencing Smith, U.S. District Judge Dale A. Drozd said, “Mr. Smith is a con-man and a thief.”
“Smith’s actions in this case went far beyond ‘misappropriation,’” said U.S. Attorney Scott. “In asking for church donations to support his scheme, he targeted widows for their deceased husband’s life insurance money; he asked for money to be withdrawn from retire...