CFTC Charges Ronnie Gene Wilson and His Company Charged With Operating a $90 Million Ponzi Scheme

CFTC v. Atlantic Bullion & Coin, Inc. and Ronnie Gene Wilson, Case No. 8:12-1503-JMC (D.S.C.).  The CFTC filed a federal civil enforcement action against Ronnie Gene Wilson and Atlantic Bullion & Coin, Inc. (“AB&C”), charging them with with operating a $90 million Ponzi scheme.  From 2001 through 2012, Wilson and AB&C fraudulently offered contracts for sale of silver.  Wilson and AB&C obtained $90.1 million from approximately 945 investors.  During the period in which the CFTC had jurisdiction, Wilson and AB&C obtained $11.53 million from at least 237 investors.  However, Wilson & AB&C did not purchase any silver.  Rather, they misappropriated the funds and concealed their fraud by way of phony account statements.  Wilson and AB&C are charged with violating the anti-fraud provisions of the Commodity Exchange Act.  The CFTC seeks restitution, disgorgement, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of the federal commodities laws.

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