Ex-SC Official Admits To Running $59M Ponzi Scheme

Law360, New York (July 30, 2012, 8:43 PM EDT) -- A former councilman of a South Carolina county pled guilty in federal court Monday to running a $59 million Ponzi scheme through a company that falsely claimed to purchase bars of silver for investors and store them in a Delaware facility.

Former Anderson County Councilman Ronnie G. Wilson, 64, copped to two counts of mail fraud, the only charges in an April 4 indictment. Wilson's company Atlantic Bullion & Coin Inc. also pled guilty to the scheme.

Wilson falsely told clients that Atlantic Bullion & Coin...
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