Published Nov. 14, 2012
Easley resident Ronnie Gene Wilson, 65, was sentenced to 235 months in prison for his role in a Ponzi scheme that cost investors millions.
He also must pay $57 million in restitution to 798 victims of the scheme, the U.S. Attorney Bill Nettles said Tuesday.
Wilson, a former Anderson County Council member, pleaded guilty in July to mail fraud. According to prosecutors, Wilson ran a Ponzi scheme while president and owner of Atlantic Bullion and Coin Inc. of Easley using investors’ money for personal gain and repaying them with subsequent clients’ money.
The scheme began around 2001 and continued until early 2012, prosecutors said. Authorities said more than 800 people invested around $90 million with Wilson.
In October, a second Upstate man, 60-year-old Mauldin resident Wallace Lindsey Howell, was charged with fraud related to the Ponzi case as well. His case is pending.