Rock Hill Man Indicted for Ponzi Scheme
| U.S. Attorney’s Office August 20, 2009 |
COLUMBIA, SC—United States Attorney W. Walter Wilkins announced today that Oren Eugene Sullivan, age 63, of Rock Hill, South Carolina, was charged in a seven-count Indictment. The Indictment alleges that from around January 1995 through November 2008, Sullivan operated a “ponzi scheme,” whereby he sold false investments to 35 different individuals or groups of investors. Authorities contend that while Sullivan told clients that he was managing their investment accounts, he was actually converting their money to his own use. Over the course of the scheme, Sullivan allegedly took in approximately $2,512,978.00 from unwitting investors.
The maximum penalty for each count is a fine of $250,000 and imprisonment for 20 years.
This case was investigated by the Federal Bureau of Investigation and is assigned to Assistant U.S. Attorney Nathan S. Williams of the Columbia office for prosecution.
The United States Attorney stated that all charges in this Indictment are merely accusations and that the Defendant is presumed innocent until and unless proven guilty.