SIMPSONVILLE WOMAN GUILTY IN FEDERAL COURT OF $235K PHANTOM BALANCE FRAUD

United States Attorney W. Walter Wilkins stated that on February 24, 2009, Stephanie L. Meyer, age 38, of Simpsonville, South Carolina, pled guilty to defrauding two investment houses of approximately $305,000. The plea of guilty was accepted by District Court Judge G. Ross Anderson, Jr., who will sentence Meyer after the preparation of a presentence report. Meyer faces a penalty of up to 20 years in prison and a fine of up to $250,000 on each of the two counts to which she pled guilty.

In February 2008, Meyer opened accounts at four brokerage firms including the ultimate victims, The Vanguard Group and Ameriprise Financial. Meyer then deposited worthless checks into the accounts, which resulted in fictitious or “phantom” balances. Meyer then withdrew $175,000.00 from the credited Vanguard account and $130,000 from the Ameriprise account before the fraud was detected.

The case was investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney David C. Stephens of Greenville.