On July 9, 2014, in Florence, South Carolina, Archie Larue Evans was sentenced 84 months in prison, three years of supervised release and ordered to pay $3,763,339 in restitution for mail fraud, conspiracy to structure transactions with a financial institution and money laundering. Evidence presented at the sentencing hearing established that Evans was the pastor of a church located in Conway, South Carolina and also owned Gold & Silver, LLC. Beginning in 2004, members of the church congregation and others entered into investment contracts with Evans and Gold & Silver, LLC, which guaranteed the investors higher interest payments than the rate being paid by financial institutions. From January 2009 to October 2011, Evans was involved in a Ponzi scheme and hid the fact that he had lost or spent the money invested with him by paying investors what he claimed to be their earned interest payments using funds he received from new investors. Evans continued to collect money from investors and caused losses of more than $2,500,000. From May 2010 until October 2011, Evans was also involved in a conspiracy with others to structure currency deposits with two banks so that Evans’ conspirators’ income would not be reported. (Source: IRS)
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