NORTH MYRTLE BEACH --Developers of the failed Bahama Island and Crystal Palace condominium projects here say they fell for a financier's story about foreign bonds because they didn't fully understand how the purported global banking transactions worked. Tommy Hix and Jeff Shoup, partners in T&J Development of North Myrtle Beach, say they gave Duwayne Woods $5.7 million in buyers' deposits because Woods said his Atlewa Trust company could finance construction of the condos through a foreign bond.

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