Holabird Woman Charged With Wire Fraud
United States Attorney Brendan V. Johnson announced that a Holabird, South Dakota, woman has been indicted by a federal grand jury for Wire Fraud.
Frances Smith, age 68, was indicted on November 13, 2013. She appeared before U.S. Magistrate Judge Mark A. Moreno on December 16, 2013, and pled not guilty to the Indictment.
The maximum penalty upon conviction is up to 20 years in custody and/or a $250,000 fine, 3 years of supervised release, and $100 to the Federal Crime Victims Fund. Restitution may also be ordered.
The Indictment alleges that from 2009 to the present, Smith and two others organized and conducted a fraudulent investment scheme involving wire fraud.
The charge is merely an accusation and Smith is presumed innocent until and unless proven guilty.
The investigation is being conducted by the Internal Revenue Service. Assistant U.S. Attorney Meghan N. Dilges is prosecuting the case.
Smith was released on bond pending trial. A trial date has not been set.