EASLEY — U.S. Secret Service agents raided an Easley business last Thursday after a complaint was filed against its owner, a former Anderson County councilman, by the state attorney general.
Last week, S.C. Attorney General Alan Wilson filed a complaint accusing Ron Wilson and his company, Atlantic Bullion and Coin, Inc., of defrauding investors in an alleged Ponzi scheme.
A Ponzi scheme — named after Charles Ponzi, who was known to operate such a con game in the 1920s but was certainly no the first to do so — involves paying investors profits from subsequent investors, rather than from profits made by the individual or organization running the operation.
The attorney general’s complaint said that Wilson and Atlantic Bullion and Coin provided statements to investors saying that they owned silver, yet no silver had been purchased.
The complaint said that the alleged Ponzi scheme involves $70 million, with investors in South Carolina and 24 other states.
Monday investors met with lawyers to discuss a possible class action lawsuit. Investors were told that cost would be 30 percent of all new funds recovered, plus costs.
The Web site for Atlantic Bullion And Coin (www.atlanticbullionandcoin.com) was still operating Tuesday afternoon, but a video featuring Wilson was marked “video is private” and was not accessible.
Tom Griffin, resident agent in charge at the Greenville office of the U.S. Secret Service, was not available for comment prior to deadline.
Investors are encouraged to call Griffin’s office at (864) 233-1490.
For more updates on this story, continue to check the Courier’s website at www.yourpickenscounty.com.