SC councilman facing new federal charge in alleged Ponzi scheme
Mon, 11 Jun 2012 11:53:04 GMT —
ANDERSON, S.C. (AP) -- The former Anderson County councilman accused of running a multi-million dollar precious metals Ponzi scheme is facing more legal troubles.
The U.S. Commodity Futures Trading Commission last week charged Ronnie Wilson with fraud.
The allegations are similar to those from federal prosecutors, who in April said Wilson took millions of dollars from investors through his business, Atlantic Bullion & Coin, but never actually bought them the silver bullion he promised.
Authorities say more than 900 people invested about $90 million with Wilson. Prosecutors say he altered receipts to keep the scheme going.
Prosecutors say investors lost nearly $60 million. The commission's complaint focuses solely on the $11.5 million Wilson allegedly got from investors between Aug. 15 and February of this year.
(Copyright 2012 by The Associated Press. All Rights Reserved.)