Business

August 13, 2014

Business Notebook

The wife and brother of a former Anderson County councilman in prison for a Ponzi scheme have been charged with helping hide assets, federal officials said Tuesday. Cassandra Kendall Wilson, 66, of Woodruff, and Timothy L. Wilson, 60, of Martin, Tenn., have each been charged with conspiracy to defraud the government, U.S. Attorney Bill Nettles said in a news release.

Local & State

Upstate

Wife, brother of ex-official charged with helping him hide Ponzi assets

The wife and brother of a former Anderson County councilman in prison for a Ponzi scheme have been charged with helping hide assets, federal officials said Tuesday. Cassandra Kendall Wilson, 66, of Woodruff, and Timothy L. Wilson, 60, of Martin, Tenn., have each been charged with conspiracy to defraud the government, U.S. Attorney Bill Nettles said in a news release.

Authorities said the two helped Ronnie Wilson, 67, stash hundreds of thousands of dollars before a court-appointed receiver could find the money and try to disburse it to investors Wilson had defrauded. Ronnie Wilson is serving a 19-year sentence for mail fraud. Prosecutors said he and another man promised to buy and sell silver for hundreds of customers through his business, Atlantic Bullion & Coin, but invested little of the $90 million they took in and either lost the money or kept it for themselves.

If convicted, Cassandra and Timothy Wilson could each face five years in prison and fines of up to $250,000.

3D systems leases Rock Hill facility to meet demand for 3D pringers, materials

3D Systems has leased a new 200,000-square-foot facility in Rock Hill to expand its manufacturing and distribution capacity to meet growing demand for 3D printers and materials. The new center is part of the company’s previously announced expansion, which is expected to generate hundreds of new jobs over time, company officials said. The lease will allow 3D Systems to expand its research and development operations at it current headquarters in the Waterford Business Park. 3D Systems recently opened its Rock Hill 3D innovation and learning center, designed to showcase the growing impact of its pioneering advanced manufacturing technology in key applications, such as aerospace, automotive, medical, education and the 3D-printed lifestyle. The new facility should be operational during the first quarter of 2015. For jobs: www.3dsystems.com/careers.

Nation & World

RadioShack turnaround ‘highly in doubt’

RadioShack’s turnaround attempt is “highly in doubt” and new remodeled stores are unlikely to change the electronics chain’s tarnished reputation, according to a report from UBS. Since taking over last year, Chief Executive Officer Joe Magnacca has struggled to stem losses and sales declines at the Fort Worth, Texas-based retailer. Creditors blocked a plan to close 1,100 underperforming stores earlier this year, and the company is now in danger of being delisted from the New York Stock Exchange.

RadioShack fell 11.29 percent to 57 cents Tuesday. The shares have lost more than three-quarters of their value this year. Lasser, who recommends selling the stock, expects it to drop to 50 cents over the next 12 months. The company also faces a credit crunch, he said. At the end of last quarter, RadioShack had almost $62 million in cash and about $362 million available under a credit line that comes due in 2018, compared with total debt of $614.5 million, he said. A RadioShack spokeswoman declined to comment.

The Associated Press, The (Rock Hill) Herald and Bloomberg News contributed.

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