A second person has now been indicted in a multi-million dollar Ponzi scheme in the Upstate that affected over one thousand people in 25 states.
Another man has now been arrested in the case of Atlantic Buillon and Coin, an alleged Ponzi scheme that brought down former Anderson County Councilman Ronnie Wilson earlier this year. Federal prosecutors revealed on Thursday that they have also indicted 60-year-old Wallace Howell on a charge of conspiracy to commit mail fraud.
Prosecutors say Howell recruited investors who thought they were purchasing silver through AB&C that would gain in value over time. However, he and Wilson are accused of siphoning off the investments instead. Howell eventually received $3 million for his own use, according to the indictment. Wilson is accused of hiding those transfers in his financial statements to investors.
The Secret Service says more than 1,000 people lost money in the scam. Wilson pleaded guilty to mail fraud in July, but is stil awaiting sentencing. The agency says it has seized Howell’s assets to help the victims recover some of their money.
A judge did not set bond for Howell on Thursday, saying she did not have enough evidence to make a decision because Howell is refusing to cooperate. The judge said Howell has not gotten his own attorney and has refused the court-appointed public defender.
