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.
In April, Wilson signed a sworn statement admitting to running a Ponzi scheme from 2001 to 2012, according to documents filed by the commission last week.
Wilson said he did not buy silver like he was supposed to and lied to clients about their silver being stored in Delaware.
"I created fictitious account statements for clients that showed their silver holdings when, in fact, I had not bought any silver for them," said Wilson.
"I used the money received from clients for my personal benefit and also used money from newer clients to make payouts to earlier clients when these earlier clients requested that I sell their silver and remit funds to them," Wilson said.
Wilson also said he used the mail to send the false account statements to clients. In April, Wilson was arrested in connection with mail fraud charges.
Copyright 2012 FOX Carolina (Meredith Corporation). All rights reserved. The Associated Press contributed to this report.
Tuesday, April 22 2014 8:47 PM EDT2014-04-23 00:47:34 GMT
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