Nancy Marie Stein Sentenced for Bank Fraud and Environmental Crime,…

Anderson’s Nancy Marie Stein, 62, faced federal sentencing today for her extensive bank fraud scheme and illegal storage of hazardous waste. The senior U.S. District Judge Henry M. Herlong sentenced Stein to 73 months in prison for six counts of bank fraud and an additional 60 months for storing hazardous wastes without a permit. Both sentences were ordered to run concurrently.

Stein, who operated the American SREW AND RIVER CORPORATION (ASR), was also ordered to pay restitution totaling $17,692,974. ASR was placed on probation for five years and required to pay additional restitution.

Stein’s scheme involved creating fictitious manufacturing companies with legitimate-seeming addresses, bank accounts, and phone numbers. She applied for loans under false pretenses, often using non-existent vendors as collateral. At least 26 financial institutions were victimized, with losses exceeding $16 million.

The investigation began in 2010 after ASR filed for involuntary bankruptcy. Stein admitted her role in the fraud to the United States Secret Service and took full responsibility.

Resident Agent Thomas M. Griffin of the Greenville, S.C. office of the U.S. Secret Service praised the investigative efforts that led to today’s sentencing.

The environmental crime violation revealed that prior to ASR’s bankruptcy, Stein was aware she needed a permit from the South Carolina Department of Health and Environment but failed to obtain one.