View Mobile Site

Columbia man sentenced for counterfeiting

Posted: March 5, 2018 5:06 p.m.
Updated: March 6, 2018 1:00 a.m.

In a press release issued Thursday, South Carolina U.S. Attorney Beth Drake said David Michael Gibson, 39, of Columbia, was sentenced for conspiracy to manufacture and pass counterfeit currency. U.S. District Judge Mary Geiger Lewis sentenced Gibson to 30 months in jail. Previously, Judge Lewis sentenced Travis Cree Stafford, 39, and Justin William Watson, 32, both of Columbia, to 46 months and nine months in jail, respectively. They both were involved in the counterfeiting scheme with Gibson.

Facts presented in court established that on March 15, 2016, the S.C. State Law Enforcement Division (SLED) and the Kershaw County Sheriff’s Office (KCSO) conducted a search warrant at Stafford’s residence. Officers recovered devices and materials used to make counterfeit currency. Stafford admitted making between $100,000 and $150,000 in counterfeit currency during a six- to seven-year period.

Stafford used the counterfeit money to support his drug habit. He purchased his first batch of $1,000 for $100 from a drug dealer. He began experimenting in manufacturing bills and sold them for 10 percent of face value. In early 2016, Stafford taught Gibson, his friend and roommate, how to make them. He and Gibson made around $5,000 to $7,000 in counterfeit floating rate notes, or FRNs. According to, an FRN is a debt instrument in the bond market with a variable interest rate, usually with a two- to five-year maturity term.

According to Drake’s office, Gibson washed real currency while Stafford made bills on an inkjet printer. Gibson and his girlfriend would pass the notes at small stores in Kershaw County.

Stafford then sold counterfeit bills to Watson. Watson agreed to buy $10,000 in counterfeit money for $1,000, but Stafford only produced $5,000, for which Watson paid him $200.

The U.S. Secret Service, SLED, and the KCSO investigated the case. Assistant U.S. Attorney Winston David Holliday Jr., of the Columbia office, prosecuted the case.


Commenting not available.
Commenting is not available.

Contents of this site are © Copyright 2018 Chronicle Independent All rights reserved. Privacy policy and Terms of service

Powered by
Morris Technology
Please wait ...