A Colorado couple, Ronald Philip Wallace, age 65, and Stace Yater Wallace, age 67, of Basalt, Colorado, are facing serious charges after allegedly committing wire fraud, bank fraud, and money laundering. According to the indictment, Ronald Wallace made false and misleading statements to obtain nearly $1.5 million in investments from individuals for the purpose of funding, production, and marketing of CBD products.
Furthermore, it is alleged that the couple worked together to obtain over $200,000 in COVID-19 Paycheck Protection Program funds through the inclusion of false information on the loan applications. The couple appeared in front of U.S. District Court Magistrate Judge Nina Wang on June 27, 2022, and were released on bond.
Ronald Wallace faces nine counts of wire fraud, 31 counts of money laundering, three counts of bank fraud, and one count of conducting a monetary transaction in criminally derived property greater than $10,000. Each count of wire fraud carries a penalty of not more than 20 years in prison and a fine of not more than $250,000.
Stace Wallace faces 31 counts of money laundering, three counts of bank fraud, and one count of conducting a monetary transaction in criminally derived property greater than $10,000. Each count of money laundering carries a penalty of not more than 20 years in prison and a fine of not more than $500,000. Each count of bank fraud carries a penalty of not more than 30 years in prison and a fine of not more than $250,000.
The case is being investigated by Internal Revenue Service – Criminal Investigation and the Federal Bureau of Investigation. The charges contained in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty.
The indictment alleges that Ronald Wallace made false and misleading statements to obtain nearly $1.5 million in investments from individuals for the purpose of funding, production, and marketing of CBD products.
The indictment also alleges that the couple worked together to obtain over $200,000 in COVID-19 Paycheck Protection Program funds through the inclusion of false information on the loan applications.
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Key Facts
- State: Colorado
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: DOJ Press Release â†â€â€
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