Sentencing set in Upstate silver buying scheme
Tue, 16 Oct 2012 19:08:14 GMT —
GREENVILLE, S.C. (AP) -- A man charged in a multi-million dollar Ponzi scheme that involved buying silver is set to be sentenced.
Court records show Ronnie Wilson is expected in federal court in Greenville on Nov. 13.
Wilson pleaded guilty to mail fraud in July and faces up to 20 years in prison. Authorities say hundreds of people invested about $90 million with the former Anderson County councilman, who told investigators he bought silver and shipped it to customers.
But authorities say Wilson changed receipts to keep the scheme going and lost nearly $60 million.
Wilson has said he will make full restitution. His bank accounts have been frozen, and he has been out of jail on $1 million bond.
Last week, Wallace Lindsey Howell was charged with helping Wilson keep the scheme going.