An investment fraud attorney explains more about the allegations against an Anderson County council member in a South Carolina precious metal investment scam. Ronnie Wilson, of South Carolina, has been accused of running a Ponzi scheme related to a precious metal investment. According to prosecutors, 900 investors were involved and invested approximately $90 million total with Wilson’s Atlantic Bullion & Coin. Actual losses have been estimated at $59 million. Wilson is well known for serving on the Anderson County council, as national commander of the Sons of Confederate Veterans, and formerly as a member of the State Board of Education. According to the allegations against him, Wilson altered documents to increase the purchase price of the metals, which helped keep the alleged Ponzi scheme in operation. Wilson also apparently told some customers and employees that the silver in question was being held in a Delaware depository; however, no evidence of that has yet been found in the case. The depository in Delaware has no record of an account, and one of Wilson’s employees stated that she did not personally see any documents from the depository come through the office. In 1996, Wilson had previously been ordered to stop selling securities by the South Carolina attorney general. South Carolina state law does not require that information to be disclosed to clients. The judge in the case has been asked to appoint a receiver to go through Wilson’s assets and decide on fair distribution. If you are in need of an investment fraud attorney after losing money to precious metal investment fraud, call Meyer Wilson to discuss your situation. Our investment fraud lawyers have successfully represented hundreds of clients nationwide in stockbroker mediation, arbitration, and litigation, and we look forward to working with you to recover your investment losses.
