Easley, SC – Ronnie Gene Wilson was ordered to pay $23 million in civil penalties and $11,530,000 in restitution to defrauded investors on February 28, 2013, following a judgment by Judge J. Michelle Childs of the U.S. District Court for the District of South Carolina. The ruling stems from a CFTC complaint alleging a multi-million dollar silver bullion Ponzi scheme operated by Wilson and his company, Atlantic Bullion & Coin, Inc.
The CFTC initially filed charges on June 6, 2012, citing violations of the Commodity Exchange Act and CFTC Regulations, leveraging new authority granted by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The complaint detailed an 11-year fraudulent scheme where Wilson and Atlantic Bullion sold contracts for silver to investors nationwide.
The court found that between August 15, 2011, and February 29, 2012, Wilson fraudulently obtained at least $11.53 million from over 237 investors. Investigators discovered that no silver was actually purchased with the funds. Instead, the money was misappropriated, and false account statements were issued to conceal the fraud.
This CFTC action is in addition to a related criminal proceeding where Wilson was sentenced in November 2012 to 235 months in prison – the maximum sentence under federal guidelines – and ordered to pay $57,401,009 in criminal restitution. The case, US v. Wilson (8:12-00320, D. SC), underscores the severity of the deception.
The CFTC acknowledged the cooperation of the U.S. Attorney’s Office for the District of South Carolina, the South Carolina Attorney General’s Office, and the U.S. Secret Service in the investigation. The case was handled 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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