Ronnie Gene Wilson, of Easley, South Carolina, and his company, Atlantic Bullion & Coin, Inc., were charged with fraud on June 6, 2012, by the U.S. Commodity Futures Trading Commission (CFTC). The complaint, filed in the U.S. District Court for the Southern District of South Carolina, Anderson Division, alleges the pair operated a $90 million Ponzi scheme targeting at least 945 investors.
According to the CFTC, Wilson and AB&C fraudulently offered contracts for the sale of silver, a commodity traded in interstate commerce, beginning as early as 2001 and continuing through February 29, 2012. The agency alleges the defendants obtained at least $90.1 million from investors under the false pretense of purchasing silver on their behalf.
The CFTC’s complaint focuses on a period from August 15, 2011, through February 29, 2012, during which Wilson and AB&C allegedly secured at least $11.53 million from 237 investors across 16 states. Crucially, the agency claims no silver was actually purchased during this timeframe. Instead, the funds were allegedly misappropriated, and investors were provided with fabricated account statements to conceal the fraudulent activity.
The charges stem from violations of the Commodity Exchange Act and CFTC regulations, specifically the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which prohibits manipulative and deceptive practices in commodity trading. The CFTC is seeking restitution for defrauded investors, the return of any ill-gotten gains, civil monetary penalties, bans on trading and registration, and permanent injunctions to prevent future violations of federal commodities laws.
The CFTC acknowledged the cooperation of the South Carolina Attorney General’s Office, the U.S. Attorney’s Office in Greenville, S.C., and the U.S. Secret Service in this ongoing investigation. The case is being pursued by CFTC staff including A. Daniel Ullman II, George H. Malas, Antoinette Chance, John Einstman, Richard Foelber, Paul G. Hayeck, and Joan M. Manley.
Source: CFTC.gov
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