Ron Wilson's Sentencing 11-13-2012
Allison Schaum wrote:
I would appreciate all your thoughts and prayers today for my family. My
father is going to be sentenced this afternoon. We are not praying for leniency
or mercy, just that from here we can move forward. I pray for all the many
families impacted by this horrible tragedy. I do still love my dad very much.
Personal opinion: Mr. Ron Wilson conduct concerning his silver business scam
has been the most shocking. I have always viewed Mr. Wilson as a brilliant,
logical, and knowledgeable man, who wanted to make a positive impact on his
community. Consequently, I often wonder how can such a seemingly honorable,
analytical man go so wrong, and damage the lives of so many trusting people,
including his own family.
I have to believe that Mr. Ron Wilson has started his business with the
best of intentions until he became trapped in a situation that spiraled out of
control. Although I empathize with all individuals and families who suffered
from this tragic situation, I still think of Mr. Ron Wilson as a personal
friend, and my friendship to him is unconditional. My thoughts and prayers are
with him, his family, and especially with those who were victims of his
business.
Former Councilman Ron Wilson Gets Nearly 20 Years For Involvement In Ponzi Schemehttp://www2.wspa.com/news/2012/nov/13/former-anderson-co-councilman-plead-guilty-ar-4222671/
According to the Independent Mail, Click here
http://www.independentmail.com/news/2012/nov/13/ron-wilson-sentenced-nearly-20-years-federal-priso/
Mr. Ron Wilson has been sentenced to 19.5 years, and he has
been ordered to pay victims $57.4 million in restitution.
According to the Independent Mail, Click here[url]
Mr. Ron Wilson has been sentenced to 19.5 years, and he has been ordered to pay victims $57.4 million in restitution.
-art-kaldas
Ron Wilson was sentenced to 235 months (19 years 7 months) without parole. He also received a three year intensive probation period upon release. Ron was forgiven any kind of fine because the judge said he could not pay it. He was also ordered to pay restitution in the amount of $57,401,009.00. Upon his release from prison he must also pay $1000 a month into his restitution fund for life.
Ron spoke tearfully on his own behalf stating he was remorseful. Also his brother and several other people stepped to the bench to offer support of Wilson. One of the noted supporters was Bill McAbee who spoke glowingly of Ron Wilson during his service as a county councilman. 7-8 people spoke out against Wilson as victims of his ponzi scheme. One suggested a public execution rather than a prison sentence.
Ron Wilson was hauled away in handcuffs to a round of applause from the audience.
I have to believe that Mr. Ron Wilson has started his business with thebest of intentions until he became trapped in a situation that spiraled out ofcontrol. Although I empathize with all individuals and families who sufferedfrom this tragic situation, I still think of Mr. Ron Wilson as a personalfriend, and my friendship to him is unconditional. My thoughts and prayers arewith him, his family, and especially with those who were victims of hisbusiness.-art-kaldas
Today we found out how his ponzi scheme spiraled out of control. When Ron began this business silver was at $4-$5 an ounce. He had over ten million invested with him for many years. Then in 2010 silver went to almost fifty. Unfortunately Ron was playing with the money and didn't actually have it invested in silver and couldn't take advantage of the surge in silver prices and so people who got in at $4 were looking for a 12 fold increase in their investment. 172 people took out as much as $47 million in payouts. He didn't have the cash to cover and it all unraveled from there. Silver did too good when he wasn't invested in it and he had to make up the difference. He took the cash from other people's investment to cover. Eventually it caught up to him.
Today we found out how his ponzi scheme spiraled out of control. When Ron began this business silver was at $4-$5 an ounce. He had over ten million invested with him for many years. Then in 2010 silver went to almost fifty. Unfortunately Ron was playing with the money and didn't actually have it invested in silver and couldn't take advantage of the surge in silver prices and so people who got in at $4 were looking for a 12 fold increase in their investment. 172 people took out as much as $47 million in payouts. He didn't have the cash to cover and it all unraveled from there. Silver did too good when he wasn't invested in it and he had to make up the difference. He took the cash from other people's investment to cover. Eventually it caught up to him.
-root
Root,
Thanks for your full, detailed report! Apparently, you have
attended the hearing.
Today we found out how his ponzi scheme spiraled out of control. When Ron began this business silver was at $4-$5 an ounce. He had over ten million invested with him for many years. Then in 2010 silver went to almost fifty. Unfortunately Ron was playing with the money and didn't actually have it invested in silver and couldn't take advantage of the surge in silver prices and so people who got in at $4 were looking for a 12 fold increase in their investment. 172 people took out as much as $47 million in payouts. He didn't have the cash to cover and it all unraveled from there. Silver did too good when he wasn't invested in it and he had to make up the difference. He took the cash from other people's investment to cover. Eventually it caught up to him.
-root
Root,
Thanks again for answering the question that puzzled all of
us!
Ron Wilson was sentenced to 235 months (19 years 7 months) without parole. He also received a three year intensive probation period upon release. Ron was forgiven any kind of fine because the judge said he could not pay it. He was also ordered to pay restitution in the amount of $57,401,009.00. Upon his release from prison he must also pay $1000 a month into his restitution fund for life.
Ron spoke tearfully on his own behalf stating he was remorseful. Also his brother and several other people stepped to the bench to offer support of Wilson. One of the noted supporters was Bill McAbee who spoke glowingly of Ron Wilson during his service as a county councilman. 7-8 people spoke out against Wilson as victims of his ponzi scheme. One suggested a public execution rather than a prison sentence.
Ron Wilson was hauled away in handcuffs to a round of applause from the audience.
-root
One of the best events I've ever attended! Was great to see in person ron beening cuffed!!!!!
Mark Powell
Its funny how quickly justice is served when someone is actually guilty of breaking the law...
Its funny how quickly justice is served when someone is actually guilty of breaking the law...
-palmetto-native
Isn't it even funnier that when someone accepts responsibility for their actions things go a whole lot smoother. Ron Wilson plead guilty at his preliminary hearing. He even forewent a trial and cooperated fully with the authorities. Something Joey Preston did not do. Joey fought every step of the way (despite eventually admitting most all of the claims made against him) and caused a costly investigation and prosecution in criminal and civil venues. Yeah the wheels of justice are swift when someone cooperates.
In this case Ron ended up getting the maximum 20 years (less five months for accepting responsibility and pleading guilty), which I believe just to be an inducement to pressure Ron to explain where all the missing money is. If he is able to produce any sizable portion of the $57 million that is "missing" I think he could win a sentence reduction. They just hit him with the BIG WHAMMY to get his attention and encourage him to be more forthcoming regarding these monies. This isn't over yet.
One of the best events I've ever attended! Was great to see in person ron beening cuffed!!!!!
Mark Powell
-mark-powell
Yes, that was quite the look on his face when the U.S. Marshals stepped forward and took him into custody. As the handcuffs snapped onto his wrists, gone was the arrogance and gruff demeanor from a once haughty face. Now his bewildered face showed trepidation and cried, "Mommy" as the thought of 20 years without parole he was just sentenced to sank in. I would say it looked like all the air had been let out of his balloon.
Now to go after all the recipients of his political largesse..
cindi wilson..kevin bryant..jim demint..and others
they all took the stolen money..so they all should pay it back...
no different than the people who "profited" being forced to pay it back now is it?
Especially if it turns out that those elected officials were informed years ago that he was running a ponzi scheme..and took the money anyway..
Not all of those investors were Republicans, Palmetto-Native. I suspect Inez Tannenbaum and others may have some explaining to do under your scenario, not to mention anyone who ever took a dime over and above what they put in from Social Security - the world's largest unchecked Ponzi scheme.
no different than the people who "profited" being forced to pay it back now is it?Especially if it turns out that those elected officials were informed years ago that he was running a ponzi scheme..and took the money anyway..
-palmetto-native
Years ago huh. Another shameless lie from the king of lies. You need to get on to your hero Preston and tell him he needs to give back that $600,000 forthwith or he may end up in the cell next to Wilson. Preston admitted referring people and acting as an agent for Wilson. He was paid for it receiving credits on his account, which he withdrew in the $600,000 he took out.
Boy you Wilson/PrestonPunx are quiet. Why? Things not goin' your way these days. Heeheehee The other shoe will drop when Judge Couch returns his decision.
One of the best events I've ever attended! Was great to see in person ron beening cuffed!!!!!
Mark Powell
-mark-powell
Even better, did ya'll see the chains on his ankles coming out of the court and getting into the patty wagon?
Great pic on AIM!!!!!!
SWEEEEEEEEEEEEEEEEEEEEEEE!
PS a young man also got in the patty wagon before ronnie, he had on an orange jump suit!
Why was'nt ronnie in one????????
Mark Powell
It was interesting to discover that Mr. Ron Wilson is
actually held in the Federal prison which is located at the third floor of the
City of Anderson Town Hall. Housed in the same Federal prison is Mr. Wallace
Lindsey Howell, who is charged with involvement in the ponzi scheme. However,
Mr. Howell is housed in a different section of this prison, and currently he is
on suicide watch.
Stan Welch, at Booger News, has just posted the following:
By Stan Welch
Former Anderson County administrator Joey Preston’s legal
troubles continue to deepen, as his role in the silver securities scam run by
Ron Wilson comes under broader scrutiny by state officials.
In a complaint filed by the South Carolina Securities Commission
in October, allegations were made that Preston helped steer investors to
Wilson’s scheme, despite not being licensed to engage in such enterprise. The
allegations do not address whether Preston was aware of the nature of the
scheme or not; only that he was not properly licensed to perform in such a way.
The complaint further states that Preston held silver parties at
his home where investors participated in seminars designed to encourage them to
invest in Wilson’s scheme, which has since been defined by state and federal
officials as a “Ponzi scheme” which swindled hundreds of investors out of tens
of millions of dollars.
Wilson was sentenced to more than 19 years in federal prison
last week, after pleading guilty to two counts of mail fraud. Preston has
previously claimed that he was another innocent victim of Wilson’s swindle. The
recent complaint makes it clear that the state attorney general takes a
different view.
According to the complaint, Preston received between $1.25
million and $4 million in cash , as well as “credits” to his account with
Atlantic Bullion and Coin, in the amount of $1.2 million. Those numbers dwarf
the figures included in testimony during Preston’s recent case with Anderson
County, in which the County is seeking repayment of the $1.2 million severance
package Preston received in 2008.
In that testimony, Preston confirmed that he had invested
$200,000 in Wilson’s scheme and had withdrawn $600,000 from his AB&C
account. At no time were the numbers cited in the recent complaint mentioned
during the trial.
Also alleged in the state’s complaint last month were the
charges that Preston, in concert with Wilson, sold securities which were not
registered under the S.C. Uniform Securities Act. The complaint also alleges
that Preston made false and misleading statements to investors in order to
induce them to purchase the illegal securities.
The state is seeking repayment of the “ill-gotten gains” Preston
obtained. He faces a fine of $10,000 per violation, and is charged with three
offense. However, there could be multiple violations under each offense,
meaning that the fines could exceed $30,000.
Hi Art, Thanks for the kuddos to my volunteers and the work the organization I am a founding member of has accomplished. I think Mr. Welch has this link as a news source.
Not wanting to get involved just passing on a link as I breeze through the ATZ to pick up messages.
Hi Art, Thanks for the kuddos to my volunteers and the work the organization I am a founding member of has accomplished. I think Mr. Welch has this link as a news source.
[url]
Not wanting to get involved just passing on a link as I breeze through the ATZ to pick up messages.
-nicole-walukewic
Nicole,
Wow! Thank you for the link. This saga has grown to
unimaginable levels. What were they thinking?
