Columbia, SC (WLTX) An Upstate man was charged with conspiracy to commit mail fraud in connection with a Ponzi scheme according to U.S. attorney Bill Nettles.
Wallace Lindsey Howell, age 60 of Mauldin, could receive up to 20 years imprisonment and a $250,000 fine, according to the U.S. Attorney's office.
The indictment charges that Howell conspired with Ronnie Gene Wilson. Wilson was the president and sole shareholder of Atlantic Bullion and Coin, Inc. (AB&C) in Easley, SC. The indictment further charges that Howell and Wilson 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 victim's accounts, and over time, Howell withdrew over $3 million for his own use according to investigators.
Bond was not set and Howell was detained in his initial appearance before U.S. Magistrate Judge Jacquelyn D. Austin.