CFTC Charges South Carolina Company With Running $90 Million Silver Bullion Ponzi Sch

[phideaux]

Great, but when is the CFTC gonna have a look at JPMC, Goldman, HSBC and the rest of the BIG scammers.

Never mind, silly me.http://goldismoney2.com/images/smilies/standard/thumb.aspx.gif




CFTC Charges South Carolina Company With Running $90 Million Silver Bullion Ponzi Scheme

07 June 2012, 9:44 a.m.
By Kitco News
http://www.kitco.com/ (http://www.kitco.com/)






(Kitco News) - The Commodity Futures Trading Commission is charging a South Carolina-based firm with operating a $90 million Ponzi scheme, fraudulently offering contracts on silver sales, but never actually purchasing any metal, the agency said late Wednesday.


The CFTC charged Ronnie Gene Wilson and Atlantic Bullion & Coin, Inc, both of Easley, S.C., with violating the Commodity Exchange Act and CFTC regulations, saying they have operated a Ponzi scheme dating back as far as 2001 and continuing through Feb. 29, 2012. The complaint against Wilson and Atlantic Bullion & Coin was filed Thursday in the U.S. District Court for the Southern District of South Carolina, Anderson Division.

In the suit, the CFTC said Wilson and Atlantic Bullion & Coin fraudulently obtained at least $90.1 million from at least 945 investors. The CFTC said it has jurisdiction over the two from Aug. 11, 2011 to Feb. 29 under new provisions contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.


During the August to February timeframe, Wilson and Atlantic Bullion & Co are alleged to have fraudulently obtained at least $11.53 million from at least 237 investors in 16 states under contracts of sale to buy silver but never actually bought the metal. Instead, the CFTC charges that they allegedly misappropriated all of the investors’ funds and to conceal their fraud, issued phony account statements to investors.

The CFTC said it will seek restitution to defrauded investors, a return of ill-gotten gains, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of the federal commodities laws if successful in its suit.

By Debbie Carlson of Kitco News dcarlson@kitco.com

[anywoundedduck]

Great, but when is the CFTC gonna have a look at JPMC, Goldman, HSBC and the rest of the BIG scammers.

Never mind, silly me.http://goldismoney2.com/images/smilies/standard/thumb.aspx.gif




CFTC Charges South Carolina Company With Running $90 Million Silver Bullion Ponzi Scheme

07 June 2012, 9:44 a.m.
By Kitco News
http://www.kitco.com/ (http://www.kitco.com/)






(Kitco News) - The Commodity Futures Trading Commission is charging a South Carolina-based firm with operating a $90 million Ponzi scheme, fraudulently offering contracts on silver sales, but never actually purchasing any metal, the agency said late Wednesday.


The CFTC charged Ronnie Gene Wilson and Atlantic Bullion & Coin, Inc, both of Easley, S.C., with violating the Commodity Exchange Act and CFTC regulations, saying they have operated a Ponzi scheme dating back as far as 2001 and continuing through Feb. 29, 2012. The complaint against Wilson and Atlantic Bullion & Coin was filed Thursday in the U.S. District Court for the Southern District of South Carolina, Anderson Division.

In the suit, the CFTC said Wilson and Atlantic Bullion & Coin fraudulently obtained at least $90.1 million from at least 945 investors. The CFTC said it has jurisdiction over the two from Aug. 11, 2011 to Feb. 29 under new provisions contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.


During the August to February timeframe, Wilson and Atlantic Bullion & Co are alleged to have fraudulently obtained at least $11.53 million from at least 237 investors in 16 states under contracts of sale to buy silver but never actually bought the metal. Instead, the CFTC charges that they allegedly misappropriated all of the investors’ funds and to conceal their fraud, issued phony account statements to investors.

The CFTC said it will seek restitution to defrauded investors, a return of ill-gotten gains, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of the federal commodities laws if successful in its suit.

By Debbie Carlson of Kitco News dcarlson@kitco.com




What a friggin joke! ROFLMAO. Bet you dollars to donuts that Ronnie Gene Wilson, who started this company, was a former employee of one of the Banksters. Wilson realized that he did not need to buy any silver, just sell it, just like his Former Employer. But Former Employer did not like Wilson stealing their thunder.

And so it goes.

[Ragnarok]

Here's hoping that if some well-funded investors get ripped off by paper-metal scams that they will kickstart some serious investigation into the larger metal markets - by government OR private parties.

R.

[bonedaddy]

Although the intelligent part of me says the CFTC will never determine that JPM et al has done anything wrong, the hopeful part says maybe this is a trial run at enforcement. After all, you have to crawl before you can walk ... and only THEN can you run.

[TimoneX]

The CFTC said it will seek restitution to defrauded investors, a return of ill-gotten gains, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of the federal commodities laws if successful in its suit.

Translation = some lawyers will get bigger boats.

[Al K. Hall]

This is like prosecuting Martha Stewart while a thousand times worse occurs daily on Wall Street.

[Fiat Metaler]

ok so i guess we know what the CFTC was doing instead of looking for the MF Global money.