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.