Archie Larue Evans, 41, of Aynor is facing charges related to a Ponzi scheme.

He's charged with Mail Fraud, Money Laundering, and Conspiracy to Structure.

According to the federal indictment, Evans owned and operated Gold and Silver, LLC. The business invested in futures markets through a company called Open E Cry. Prosecutors say the scheme resulted in losses in excess of $2.5 million.

According to the indictment, Evans promised investors a high rate of return on their investments, instead he spent or lost the investments and then used money obtained to recruit new investors to pay the prior investors, falsely representing the payments were returns on the prior investors' investments and encouraging additional investments from the previous and new investments.

Also according to the indictment from May to October 2011, Evans is alleged to have structured approximately $840,000 into the accounts using the investors' money.

The maximum penalty Evans could receive is 20 years in prison.

The case was investigated by agents of the United States Secret Service and the Internal Revenue Service and is assigned to Assistant United States Attorney William E. Day, II, of the Florence office for prosecution.