Mount Pleasant man charged in fraud, Ponzi scheme

Charleston County News

Cameron Banks

MOUNT PLEASANT, S.C. (WCBD) – Acting U.S. Attorney for the District of South Carolina, M. Rhett Dehart, on Tuesday announced the sentencing of Cameron Banks (36) of Mount Pleasant for multiple fraud schemes.

Banks, who also goes by ‘Reggie Staggers’ and ‘Roy Hamilton’ is facing nine years in federal prison for wire fraud, bank fraud, mail fraud, and health care fraud schemes dating back to 2013.

Investigators found evidence that in 2013, Banks “submitted a falsified loan application to obtain a 2014 Bentley Sedan for $212,034.”

Banks also stole the identity of his employer, Dr. Cornelius J. Beck, “and submitted falsified loan applications on behalf of patients to obtain dental work… While the funds were supposed to be used for dental procedures, few people received any dental work. Banks transferred most of the funds into his personal bank accounts for his own use.”

From 2015 to 2018, Banks “submitted requests to the Department of Transportation to receive numbers to operate commercial vehicles.  The requests contained false information and withheld information Banks was required to disclose, namely his relationship with other entities licensed by the Federal Motor Carrier Safety Administration.”

Finally, investigators discovered that Banks ran a Ponzi scheme in which “investors believed they were investing in the operation of commercial trucking business.” Banks claimed that he would provide a truck, a driver, and insurance, “and in exchange, investors were promised a majority of the profits.”

Banks went so far as to mail 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.”

However, Banks was actually using the funds to pay for things like car leases, travel, and jewelry.

There were at least 32 victims in the Ponzi Scheme.

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