Mauldin Man Pleads Guilty In Ponzi Conspiracy

Former Anderson County Councilman Ron Wilson's co-conspirator in an alleged $90 million Ponzi scheme pleaded guilty in federal court Monday.

Wallace Lindsay Howell, 61, of Mauldin pleaded guilty to wire fraud conspiracy.

Evidence presented at Howell's hearing showed that Howell recommended Wilson’s investment program to numerous people and received “commissions” from Wilson for investors he brought in, according to a release from the U.S. Attorney's Office.

The indictment focused on two clients introduced to Wilson’s investment scheme by Howell, according to the release. In April 2006, Atlantic Bullion & Coin statements showed these two clients made a profit because of silver trades that Wilson allegedly had made.

Wilson was sentenced in November to nearly 20 years in prison on mail fraud charges connected to the multi-million dollar Ponzi scheme investigators say he ran for years.

In interviews with Secret Service agents, Wilson admitted that the trades for these two Howell clients would be left off their statements so they would be unaware a trade had occurred. 

Their numbers of “ounce ownership” would remain constant. 

Wilson further confirmed that from April 2006 to the March 2012, Howell received account credit for $6,264,960 in profits that should have been credited to the two Howell clients.       

Acting on instructions received from Howell,  Atlantic Bullion & Coin transferred almost $800,000 to a real estate seller to purchase farm property for Howell located in Fountain Inn. 

During the course of the conspiracy, law enforcement estimates that Howell withdrew an additional $2.7 million in Ponzi money for various personal expenses.  Howell never invested any of his own money with Wilson.  The federal receiver working to marshal assets related to the Wilson Ponzi fraud has also been directed by the court to recover assets connected with Howell’s case. 

The maximum penalty Howell can receive is a fine of $250,000 and/or imprisonment for 20 years, plus a special assessment of $100.