A Pelion man has been sentenced to four years in federal prison for defrauding investors out of more than $3 million.
Samuel Sturkie Jackson Jr., 51, of Pelion, has been sentenced to 48 months in federal prison followed by three years of court-ordered supervision, according to the U.S. Attorney’s Office. He has also been ordered to pay $3.4 million in restitution.
Evidence presented in court showed that while operating a business called Little Giant ATM, Jackson solicited investments from individual investors and promised them a monthly rate of return. The purpose of the investments was to load cash into the ATM machines, with anticipated profits from transaction fees.
According to the U.S. Attorney, from 2015 to 2019, Jackson spent money from the business and investor deposits for personal use, including the purchase of farm equipment and cars and trips to Las Vegas. Through this scheme, Jackson defrauded Little Giant ATM investors of more than $3.4 million.
“When taxpayers invest their hard-earned money in a business, they have every right to expect that no one will rob them,” U.S. Attorney Adair F. Boroughs said in a news release. “Samuel Jackson did exactly that and stole millions. With the thorough work of our state and federal partners, this office brought him to justice.”
The case was investigated by the U.S. Secret Service and the S.C. Law Enforcement Division. First Assistant U.S. Attorney Book Andrews prosecuted the case.