A Basalt couple are awaiting trial on federal criminal charges that they used fraudulent means to receive over $200,000 through the Paycheck Protection Program and to also collect $1.5 million from investors in a CBD business venture.
Ronald Philip Wallace and Stace Yater-Wallace are scheduled to stand an eight-day trial beginning Feb. 21, 2023, according to an order signed by U.S. District Chief Judge Philip A. Brimmer on July 19.
They have been free on bond since authorities arrested them in Denver on June 27. The couple pleaded not guilty to the charges on the same date, according to federal court documents.
The couple declined comment when reached by telephone Wednesday.
“We have nothing to say,” Mr. Wallace said, referring questions to their attorneys, neither of whom could provide comment.
The couple face 31 counts of money laundering, three counts of bank fraud, and one related charge. Ronald Wallace also faces nine counts of wire fraud.
The 10-page indictment does not provide specifics on how the Wallaces orchestrated the alleged schemes, but it notes Ronald Wallace “provided potential investors with false or misleading information for the purpose of inducing them to invest” in a business venture for “for the purpose of funding the production and marketing of CBD products.”
The indictment lists nine transactions that allegedly constituted wire fraud, starting in November 2017…
