According to a recent article, Ronnie Gene Wilson, president of Atlantic Bullion and Coin, has been sentenced for his role in an alleged Ponzi scheme. Wilson, who pleaded guilty to mail fraud in the scheme earlier this year, has been sentenced to about 20 years in federal prison for his part in the scam. Wallace Lindsey Howell, an alleged co-conspirator, who has also been charged in the case, has not yet appeared in court for his part in the Ponzi scheme.
According to prosecutors in the case, nearly 800 investors lost more than $57 million in the scam. Investors were allegedly led to believe they were investing in silver through Wilson’s Atlantic Bullion and Coin. However, it is alleged that Wilson instead took in investors’ cash and used the money to pay off prior investors in a classic Ponzi-style scam.
Wilson’s brother and daughter were apparently also counted as victims in the scam. While some victims of the scam described Wilson as “despicable” or “a sociopath,” Tim Wilson said that his brother had hoped to “turn things around.” However, many victims spoke of lasting financial troubles related to the scam, which one victim described as feeling like “a financial life sentence.”
If you have been the victim of a Ponzi scheme, reach out to an experienced securities fraud attorney today.