Summerville Woman Sentenced in Ponzi Scheme

Annette Marie Benson of Summerville, who pleaded guilty to charges of a Ponzi scheme in 2011, has been sentenced to three years for wire fraud.

A scheme based on selling gift cards, Benson bilked $1.1 million from acquaintances in the Columbia area.

Benson was ordered to pay more than $880,000 in restitution to the victims. Evidence presented established that Benson offered acquaintances valid American Express, Walmart, Target, Shell and Visa gift cards for a discount of around 20 percent to 50 percent off the face value.

According to the attorneys, Benson was taking the loss on the cards but making up for old sales with money coming in for new cards. Eventually, the money Benson received could not cover her outstanding obligations, and the Ponzi scheme collapsed. 

Forty-two victims have been identified, and each will get a share of whatever Benson is able to pay towards the $880,000 owed. At the time of sentencing, Benson had no income.       

The case was investigated by agents of the Federal Bureau of Investigation.  Assistant United States Attorney Winston D. Holliday, Jr., of the Columbia office handled the case.