DENVER (KDVR) — A couple was indicted for wire and bank fraud, and money laundering last week by a grand jury, the U.S. Attorney’s Office for the District of Colorado announced.

Ronald Philip Wallace, 65, and Stace Yater Wallace, 67 allegedly solicited nearly $1.5 million for the marketing and production of CBD products by using misleading and false information, the indictment said. The couple was also accused of illegally obtaining more than $200,000 in COVID-19 Paycheck Protection Program funds by providing fake information on loan applications.

The two are facing several charges including 31 counts of money laundering, three counts of bank fraud, and one count of conducting a monetary transaction in criminally derived property greater than $10,000. Ronald Wallace is additionally facing nine counts of wire fraud.

The penalties for each of the charges are:

  • wire fraud: not more than 20 years in prison and a fine of not more than $250,000
  • money laundering: not more than 20 years in prison and a fine of not more than $500,000
  • bank fraud: not more than 30 years in prison and a fine of not more than $250,000
  • conducting a transaction greater than $10,000 in criminally derived proceeds: not more than 10 years in prison and a fine of not more than $250,000

The couple appeared in court on Monday and were released on bond.