New Suspects Indicted on Federal Charges in Ponzi Scheme

Two New Suspects In Ponzi Scheme Indicted on Federal Charges in South Carolina

Ponzi SchemeThe wife and brother of a convicted Ponzi scheme ringleader have been indicted on federal charges related to the scam.

Cassandra Kendall Wilson, 66, and Timothy L. Wilson, 60, have both been indicted on indicted on federal charges including conspiracy to defraud the US government, for assisting Ron “Ronnie” Wilson hide gold and other assets after he was convicted for creating a Ponzi scheme.

Ronnie Wilson is currently serving a 19-year sentence for mail fraud.

Authorities said in the indictment that Cassandra and Timothy Wilson helped Ronnie stash hundreds of thousands of dollars before the court-appointed receiver could collect the money and disburse it to the Ponzi scheme victims. The assets – in the form of cash, and gold and silver coins – were hidden in ammunition canisters and “secreted from the receiver’s office.”

The maximum penalty for the conspiracy charge is 5 years in prison and a fine of $250,000. However, Ronnie Wilson could have an additional 10 years placed on his sentence for the federal charge of making false statements regarding the assets.

“We are aggressively and actively pursuing all available assets, and we will do whatever we can within the law to get as much money back to the victims that have been defrauded,” US Attorney Bill Nettles said.

So far, no reimbursements have made it to the Ponzi scheme victims, according to Beattie Ashmore, a Greenville attorney acting as receiver for Ronnie Wilson and his fraudulent company, Atlantic Bullion. However, Ashmore has recovered around $400,000 in gold, silver, and cash from the Wilsons.

“Ron Wilson’s money has been spent, it’s been squandered, it’s been secreted,” Ashmore said.

Wilson’s plan reportedly defrauded investors of almost $90 million.

Wilson gathered investors in his business, saying that he had silver stored in a facility in Delaware.

“I began operating what is generally known as a Ponzi scheme,” Wilson’s confession says. It says Wilson told clients he would buy silver at low prices and sell at high prices, but “most of the time I did not buy silver.”

He kept fictitious books, according to his own account, and issued fraudulent quarterly statements to his investors.

“He lied to us with a straight face,” said Gloria Davis, a Travelers Rest investor who once had $95,000 on Wilson’s books. “We got statements quarterly. I was just stunned that I heard he had done this. He should be ashamed of himself. I wish they’d walked him out in handcuffs.”

The Strom Law Firm Can Help With Federal Charges, Including Indictments for Ponzi Schemes

The federal criminal defense attorneys at the Strom Law Firm, LLC will fight to protect your rights and your personal and professional future.

Whether you are charged with:

  • a computer crime
  • mail fraud, wire fraud, or bank fraud,
  • a RICO violation
  • a drug crime,
  • tax fraud
  • making a false statement to a federal agent,

or any other Federal charge, you are likely facing a personal, family, social, business, and/or financial crisis unlike any you have ever faced before.

For experienced criminal defense attorneys who will fight for your rights and work to have your charges reduced or even dismissed, contact the federal charges attorneys at the Strom Law Firm, today. We offer a no-cost, confidential consultation to discuss our experience and knowledge of the system can help you. 803.252.4800

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