SC Man Pleads Guilty in $90M Ponzi Case

8:18 AM, Jan 15, 2013   |    comments
(AP)
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GREENVILLE, S.C. (AP) - A South Carolina man has pleaded guilty to his role in a multi-million dollar Ponzi scheme.

U.S. Attorney Bill Nettles says 61-year-old Wallace Lindsay Howell of Mauldin pleaded guilty Monday to wire fraud conspiracy.

Authorities say Howell and former Anderson County councilman Ronnie Gene Wilson promised to buy and sell silver for customers but invested little of the $90 million they took in, either losing it or keeping it for themselves. Prosecutors say Howell recommended Wilson's program to numerous people and received a commission for the investors he brought in the scheme.

In November, Wilson was sentenced to 19 years in federal prison and ordered to pay more than $57 million in restitution.

Howell faces up to 20 years in prison when he's sentenced later.

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