Fraudster Gets 9 Years in Prison For Series of Scams Including a Trucking Ponzi Scheme
Charleston, SC – A South Carolina man was recently sentenced to prison for a series of scams including a trucking ponzi scheme.
According to the U.S. Department of Justice (DOJ), Cameron Banks, a/k/a “Reggie Staggers”, a/k/a “Roy Hamilton,” 36, of Mount Pleasant, was sentenced late last month to serve nine years in federal prison for wire fraud, bank fraud, mail fraud, and health care fraud schemes.
According to documents in the case against Banks, he operated a Ponzi trucking scheme.
DOJ prosecutors said Banks convinced investors they were investing in the operation of commercial trucking business in which through lease agreements, he would provide the truck, the driver, and the insurance.
In exchange, investors were promised a majority of the profits.
However, Banks spent the investment funds on personal expenses, including car leases, jewelry, and travel, the DOJ said.
In order to keep the scheme going, Banks mailed investors checks that represented a portion of the funds to which they were entitled and created false expense documents to explain the lack of profits.
He was eventually found out, but not before he accumulated at least 32 victims of this scheme, many of which prosecutors said experienced “substantial financial hardship after investing their life savings.”
Court documents reveal Banks began his series of schemes — for which he is charged in this case — in 2013 when he submitted a falsified loan application to obtain a 2014 Bentley Sedan for more than $212,000.
In 2015, Banks began scheming the United States Department of Transportation (USDOT).
He submitted documentation to the USDOT to receive operating authority, but the documents contained false information.
The DOJ said Banks withheld information he was required to disclose, “namely his relationship with other entities licensed by the Federal Motor Carrier Safety Administration.”
Prosecutors said Banks began scheming at a young age and has a long list of prior convictions for forgery, fraudulent checks, bank fraud, financial identity fraud, financial transaction card theft, tax evasion, and numerous instances of probation violations.
After serving his 108-month prison sentence, Banks will also be required to serve a three-year term of supervised release.