Former Anderson County Councilman Ron Wilson is expected to plead guilty to mail fraud charges next month. The Associated Press is reporting that victims received a letter from the U.S. Attorney General’s Office this week explaining that a plea agreement was likely.
Wilson is accused of scamming people who thought they were investing in silver. Attorney General Alan Wilson filed a complaint against Wilson and his business Atlantic Bullion & Coin, Inc. last month, saying Wilson and AB&C continued to offer fake investment opportunities to people in South Carolina and 24 other states– despite a previous cease and desist order.
The complaint says Wilson promised investors that he would use their money to buy silver buillon, but never actually purchased the metals. The Attorney General alleged that Wilson had actually been running a “Ponzi scheme,” in which earlier investors were being paid with the money from new investors.
In all, Wilson is accused of defrauding investors in 25 states of more than $70 million. He faces up to 20 years in prison and a $250,000 fine, but will likely get a reduced sentence as part of the plea deal.