Search
Most Recent
AdSurfDaily Agape agent American Integrity Aronson asset sales Attorney av bar reg baker bank bank of america Bankruptcy baumann bermudez black diamond blackwell bridge loan bull cattle CD celebrity cftc charity china China Voice church cityfund claims claims process clawback commission commodities commodity pool computer program congress Crown Forex currency death sentence denver diamond bar disgorgement Distribution Dodd-Frank donnan Dreier dunhill e-bullion elderly E-M Management SEC england Fairfield family FBI FDIC Fees female ponzi scheme financial advisor fine FINRA football forex fraud fufta fugitive Full Tilt gift card guilty plea GunnAllen hawaii Heckscher HSBC india invers forex janvey John Morgan JP Morgan kansas ken bell kenzie las vegas lawsuit lawyer libya Lifland machado Madoff Marian Morgan metro dream homes mets milberg millers a game Morgan European Holdings mortgage multiple schemes NCAA Net Winner new jersey notes objection Oxford Patrick Kiley paul burks PermaPave Pettengill Petters Picard poker Ponzi ponzi scheme ponzi scheme database ponzi scheme list Prime Rate profitable sunrise prosun pta puerto rico Rakoff real estate receiver receivership regulation relief defendants religion remission repeat offender restitution Rothstein RRA sec sentencing simmons sipa sipc snelling standing stanford stettin subpoena td bank treasury bonds treasury strip Tremont Trevor Cook UBS UFTA uga utah venture advisors Wachovia wilpon wire fraud woman zeek zeek rewards zeekler zeekrewards
Social
Recent SEC Releases
« Two South Florida Cops Suspended For Rothstein Ties Amid Criminal Probe | Main | While Rothstein Victims Wait, Appellate Court Hears Argument Over Entitlement To Forfeited Assets »
Monday
Jan142013

Former Pastor Pleads Guilty in $2.5 Million Ponzi Scheme

A South Carolina man who once served as pastor of a local church has entered into a plea agreement with prosecutors to charges that he operated a commodities-based Ponzi scheme that bilked investors - some his former congregants - out of over $2.5 million.  Archie Larue Evans, 42, agreed to plead guilty to one charge of mail fraud and one charge of structuring financial transactions to avoid federal scrutiny.  In return, prosecutors agreed not to pursue an additional seven counts of mail fraud and five counts of money laundering.  The charges carry a combined statutory maximum of twenty-five years in prison, although federal sentencing guidelines will likely result in a lesser recommended range.

Evans was a farmer and former pastor at the Tilley Swamp Baptist Church ("Tilley Church") in Conway, South Carolina.  In addition, beginning in 2004, Evans also operated Gold & Silver LLC ("Gold & Silver"), which purported to invest in silver futures markets and offered quarterly returns ranging from 10% - 12%. Investors, some of whom included members of Tilley Church, were provided with regular account statements purporting to show regular account gains.

However, in reality, Evans misappropriated investor funds as he ran the classic Ponzi scheme.  Rather than achieve the exorbitant rates of return he represented to investors, he instead used funds for personal expenses, to make interest payments to investors, and suffered trading losses on the funds actually invested.  At the time Evans was indicted in late 2011, his seized bank accounts showed a balance of just $1,919.86.

Authorities also discovered Evans' ownership of two non-profit agencies apparently used to spread the message against homosexuality.  One of the non-profits, Pale Productions, apparently published a book entitled "Nature's Pairs: The Demise of Homosexuality," which featured Evans' 'indisputable' evidence against homosexuality.  According to this order form, the book appears to have been published while Evans operated the scheme, raising the possibility that investor funds may have been diverted to the venture.

Evans remains free on $25,000 bond pending sentencing.  

PrintView Printer Friendly Version

EmailEmail Article to Friend

References (2)

References allow you to track sources for this article, as well as articles that were written in response to this article.
  • Response
    NFL is definitely 1 of the biggest sports in America. It has a important following.
  • Response
    Response: Check This Out
    Superb page, Stick to the wonderful work. Thanks a ton.

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>