Christopher A. Wellborn, P.A. South Carolina Criminal Defense Attorney | Over 25 Years Experience
Call Today | Free Consultation 803-746-4302

South Carolina financial adviser sentenced for wire fraud

The U.S. Attorney's Office for the District of South Carolina reported that a 56-year-old Spartanburg man would serve two years federal incarceration. This followed an indictment of five counts of wire fraud. Upon his release from prison, he will serve a further three years on supervised release. He was accused of running a type of Ponzi scheme in which he defrauded his clients of more than $3 million.

According to court documents, the man was employed as a financial adviser by one company between 1997 and 2008, and then by another company until 2013. During this time he apparently established a bogus company and convinced clients to invest in it. An Acting U.S. Attorney said the man kept his clients in the dark by creating false financial statements and paying them occasional amounts that he called profits.

Reportedly, he managed to continue running the scheme for more than 10 years. The Financial Industry Regulatory Authority instituted a permanent ban from the industry against this man in June 2014. As part of the sentence, the financial adviser must pay restitution exceeding $3.5 million to the clients who were his victims.

Defending wire fraud charges can be extremely complicated. For this reason, South Carolina residents who face such charges commonly seek the support and guidance of an experienced criminal defense attorney. A seasoned lawyer can advocate for an accused person throughout and, if a conviction cannot be avoided, he or she can work on limiting the severity of the sentence. If an appeal is viable, an attorney's continued support will be available.

Source:, "Greenville broker sentenced in $3 million Ponzi scam", Anna Lee, Nov. 15, 2016

No Comments

Leave a comment
Comment Information
 York County Bar Association South Caroline Bar NACDL South carolina association of criminal defense lawyers United states court of appeals | For the Fourth Circuit
Email Us For a Response

Tell Us About Your Case - Schedule A Free Consultation

To schedule a confidential appointment with an experienced South Carolina criminal defense attorney, please call 803-746-4302 or fill out this form:

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Christopher A. Wellborn, P.A.
142 Oakland Avenue, Suite C
Rock Hill, SC 29730

Rock Hill Office Location