Federal criminal lawyer on Ponzi schemes. Archie Evans is now the former pastor of Tilly Swamp Baptist Church in Conway. Yesterday, Evans plead guilty to two felonies related to the Ponzi scheme he was operating. The scheme ended up costing church members and other community members $2.5 million.
In federal court, Evans plead guilty to one charge of mail fraud and one charge of structuring financial transactions to evade bank reporting requirements for deposits. Evans charges carry a maximum sentence of 25 years in prison and $500,000 in fines. Evans plead guilty as part of an agreement where prosecutors would drop seven additional mail fraud charges and five money laundering charges. The Judge in the case decided to defer his decision to accept or reject the terms of the plea agreement at the hearing.
According to the federal indictment, “Evans convinced church members to invest in his company, Gold & Silver LLC, with the promise that investors would receive quarterly interest payments of between 10 percent and 12 percent. Evans either lost or spent the money, but prepared false investment statements to make it appear as if the investors were earning a high rate of interest on their money.” These false statements encouraged others to invest in the scheme and Evans used the funds from the new investors to make the interest payments to previous investors.
If you or someone you know is facing criminal charges, you will need to speak with an experienced federal criminal lawyer in your area. One of the Myrtle Beach criminal defense lawyers at The Mace Firm is ready to speak with you about your case. Call one of the Myrtle Beach criminal lawyers to schedule your free consultation.