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Title: $90 Million Silver Ponzi Scheme Exposed
Source: [None]
URL Source: http://www.wealthwire.com/news/metals/3322?r=1
Published: Jun 8, 2012
Author: Mike Tirone
Post Date: 2012-06-11 00:55:20 by Tatarewicz
Keywords: None
Views: 57
Comments: 1

They say that silver pays off, but not quite like this...

Ronnie Gene Wilson and Atlantic Bullion & Coin have banked up to $90 million in a massive silver ponzi scheme.

The U.S. Commodity Futures Trading Commission is charging both Wilson and Atlantic Bullion & Coin with fraud in connection to a massive Ponzi scheme in violation of the Commodity Exchange Act (CEA) and CFTC regulations. The scheme was over a decade in the making.

The defendants operated out of Easley, South Carolina and allegedly sold silver contracts throughout the nation without actually purchasing any physical silver whatsoever. Sounds like a pretty sweet deal: all of the riches, none of the leg work.

According to Mining.com, the defendants obtained at least $90.1 million from over 945 investors for the purchase of the precious metal.

The CFTC claims the defendants were charged under new financial regulations: (From the CFTC.gov website)

From August 15, 2011, through February 29, 2012 – the time period during which the CFTC has had jurisdiction over the defendants’ actions under new provisions contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 – the defendants allegedly fraudulently obtained at least $11.53 million from at least 237 investors in 16 states for the purchase of contracts of sale of silver. The complaint further alleges that during this period, the defendants failed to purchase any silver whatsoever. Instead, the defendants allegedly misappropriated all of the investors’ funds and to conceal their fraud, issued phony account statements to investors.

If charged, Wilson could serve some serious time in prison, although the specific length is unknown at this time.

Wilson used to be a former County Councilman in Anderson County and also attempted to run for a seat in the South Carolina senate in 2004. The Fraud Times reports that his reach expanded to 24 states and “he even furnished false statements to the investors giving them completely fabricated details of their investments. Even though Wilson testified before the Securities Division saying that he had indeed purchased silver, there is no evidence of that, charged the complaint: not only had no silver been purchased but the money raised from the investors was instead used to pay off other debts and investors.”

Video from Fox Carolina:

+11

Poster Comment:

Gullibility seems to be part of the American character. No wonder it's a piece of cake for the Israeli lobby to hoodwink the nation into fighting the wars of the illegal Israeli state.

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#1. To: Tatarewicz (#0)

when are they going to go after COMEX for doing basically the same thing with SLV and GLD ETFs?

IRTorqued  posted on  2012-06-11   1:02:00 ET  Reply   Untrace   Trace   Private Reply  

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