Scam Artist Stacy Waddell Sentenced to Over 15 Years for Wire Fraud

SAVANNAH, GA: Stacy Paul Waddell, 45, a scam artist from Savannah and elsewhere, was sentenced by U.S. District Court Judge William T. Moore, Jr., to 183 months in prison for wire fraud, selling counterfeit coins, and tampering with official proceedings.

Waddell’s sentencing followed his conviction in August 2016 after a one-week jury trial. The sentence was handed down without the possibility of parole, as per federal law.

According to evidence presented during the trial and at sentencing, Waddell incorporated, operated, and controlled various companies that claimed to sell precious metals. He used the Internet to post advertisements offering gold and silver at deeply discounted prices. After luring potential customers through phone or text messages, Waddell lied about the availability of the metals and falsely promised quick delivery. His victims wired money into accounts he controlled; Waddell used these funds for gambling and failed to make many of the shipments he had promised. He also knowingly sold counterfeit coins to at least one victim and asked an acquaintance to destroy them after his arrest. The total losses suffered by his victims exceeded $800,000.

United States Attorney Edward J. Tarver commented on Waddell’s criminal history: ‘Waddell is a serial offender who has preyed on communities since his teenage years. He graduated from passing bad checks to cheating people out of their savings and homes, all in pursuit of an expensive lifestyle and his gambling habit. The worst bet Waddell ever made was thinking he could evade justice for his crimes.’

U.S. Secret Service Resident Agent in Charge Glen M. Kessler warned, ‘Use caution when approaching any investment. High returns are a red flag, especially in cases like this where promised low gold prices are involved.’ The Secret Service has been working closely with law enforcement partners to combat these crimes and continuously adapt investigative methods.

Antonio J. Gomez, U.S. Postal Inspector in Charge of the Miami Division, emphasized the commitment of the U.S. Postal Inspection Service to bring fraudsters to justice: ‘By partnering with agencies like the Secret Service, Postal Inspectors will ensure that the U.S. Mail is a safe and secure means for legitimate business.’ The case was investigated by the United States Secret Service, United States Postal Inspection Service, Pooler Police Department, and Armstrong State University Police Department Cyber Forensics Division. Assistant United States Attorneys Brian T. Rafferty and Theodore S. Hertzberg prosecuted the case. For more information, contact First Assistant U.S. Attorney James D. Durham at (912) 201-2547.