SAVANNAH, GA: Stacy Paul Waddell, 45, of Savannah and elsewhere, was sentenced earlier this week by U.S. District Court Judge William T. Moore, Jr. to 183 months of in prison for wire fraud, selling counterfeit coins and tampering with official proceedings. Waddells sentencing followed his conviction in August of 2016 after a one-week jury trial. Under federal law, the Courts sentence was imposed without the possibility of parole.
According to the evidence presented during trial and at sentencing, Waddell incorporated, operated and controlled a variety of companies that purported to engage in the sale of precious metals. With the help of others who he met at a Tampa-area strip club, Waddell posted advertisements on the Internet that offered to sell gold and silver at deeply discounted prices. After potential customers contacted Waddell by phone or text message, Waddell then lied about the availability of the metals and falsely promised quick delivery. Relying on Waddells misrepresentations, his victims wired money into bank accounts Waddell controlled. Waddell used those funds to gamble at casinos and never made many of the shipments he had promised. Additionally, Waddell knowingly sold counterfeit coins to at least one of his victims and then, after his arrest, asked an acquaintance to destroy them. The losses suffered by Waddells victims totaled over $800,000.
United States Attorney Edward J. Tarver stated, Waddell is serial offender who has preyed on the people of this community and elsewhere since he was a teenager. Unfortunately, he graduated from passing bad checks to cheating people out of their savings and homes, all in a selfish effort to maintain an expensive lifestyle and perpetuate his gambling habit. Regardless of how he fared at the gaming tables, the worst bet Waddell ever made was thinking that he would evade justice and not be held accountable for his crimes.
Use caution when approaching any investment. If the subject or company pushing the investment is promising high returns, in this particular case through low gold prices, that should raise a red flag for any investor, cautioned U.S. Secret Service Resident Agent in Change Glen M. Kessler. The Secret Service, in conjunction with its many law enforcement partners in Georgia, across the United States and around the world, continues to successfully combat these crimes by working closely with experts from all affected sectors to constantly refresh and adapt our investigative methodologies, said Kessler.
Antonio J. Gomez, U.S. Postal Inspector in Charge of the Miami Division, stated, The U.S. Postal Inspection Service will stop at nothing to bring fraudsters and swindlers to account for their crimes. By partnering with the Secret Service and other federal agencies, Postal Inspectors will continue to ensure that the U.S. Mail is a safe and secure means of conducting legitimate business." The United States Secret Service and United States Postal Inspection Service investigated the case with assistance from the 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 and represented the United States at trial. For additional information, please contact First Assistant United States Attorney James D. Durham at (912) 201-2547.
--DOJ Southern District of Georgi
Source: U.S. Secret Service