Mauldin Man Indicted in Alleged Easley Ponzi Scheme
Wallace Lindsey Howell was arrested Wednesday after being charged in an indictment with conspiracy to commit mail fraud.
A second man has been indicted in an alleged Ponzi scheme at an Easley business.
Wallace Lindsey Howell, 60, of Mauldin was arrested on Wednesday after being charged in an indictment with conspiracy to commit mail fraud.
Howell appeared Thursday in federal court and was detained, but bond was not set, according to the U.S. Attorney's Office.
According to the indictment, Howell allegedly conspired with Ronnie Gene Wilson, a former Anderson County councilman, was president and sole shareholder of Atlantic Bullion and Coin, Inc. in Easley.
The indictment charges that the two men agreed to siphon profits from two investors who Howell brought to AB&C. Howell’s AB&C account was funded by profits transferred from the victims’ accounts, and, over time, Howell withdrew over $3 million for his own use, according to a release.
If convicted, Howell could receive 20 years imprisonment and a $250,000 fine, according to the U.S. Attorney's Office.