Aynor man indicted on Ponzi scheme charges

From Bill Nettles, US States Attorney's Office:

FLORENCE, SC - Archie Larue Evans, age 41, of Aynor, South Carolina, was charged in a 14-count Indictment with Mail Fraud, a violation of Title 18, United States Code, Section 1341, Money Laundering, a violation of Title 18, United States Code, Section 1956(a)(1)(A)(1), and Conspiracy to Structure, a violation of Title 18, United States Code, Section 371.

According to the Indictment, Evans owned and operated Gold & Silver, LLC., which invested in futures markets through a company named Open E Cry. The alleged scheme resulted in losses in excess of $2.5 million. Evans is alleged to have promised investors a high rate of return on their investments.

Instead, according to the indictment, Evans spent or lost the investments, then used money obtained recruiting new investors to pay the prior investors, falsely representing that the payments were returns on the investors' investments, thereby encouraging additional investments from the previous and new investments.

The indictment also charges that Evans was  involved in a conspiracy to structure currency deposits into various bank accounts to avoid having the bank file currency transaction reports. From May to October 2011, Evans is alleged to have structured approximately $840,000 into the accounts using the investors' money.

The maximum penalty Archie Larue Evans could receive is 20 years imprisonment. The case was investigated by agents of the United States Secret Service and the Internal Revenue Service and is assigned to Assistant United States Attorney William E. Day, II, of the Florence office for prosecution.