Former Sons of Confederate Veterans Commander-in-Chief accused of defrauding investors, Updated

Ron Wilson, one time columnist for the Council of Conservative Citizens and former Commander-in-Chief of the Sons of Confederate Veterans is accused of defrauding investors according to two news articles at the Independent Mail of Anderson, SC in an article titled, "Attorney general: Ron Wilson defrauded silver customers."

The articles are online at:

http://www.independentmail.com/news/2012/mar/14/attorney-general-ron-wilson-defrauded-silver-custo/

And another is online at:

http://www.independentmail.com/news/2012/mar/15/confederate-history-buffs-shocked-silver-fraud-all/

Quoting from the first article:

Former Anderson County Council member Ron Wilson told securities investigators he had at least $16.9 million of his customers’ silver in a Delaware depository, according to a complaint from the state attorney general.

But the complaint says the depository had no records of Wilson, his company or the silver.

The complaint says that Wilson and his company, Atlantic Bullion & Coin, collected millions of dollars from customers who thought they were buying silver but when customers wanted to cash out there was no silver in their accounts or the accounts had been altered.

A Complaint has been filed by the Attorney General's office. According to the article:

Five violations of the state’s security laws are alleged in the complaint, including making false claims under oath and the fraudulent sale of securities.

And

State Senior Assistant Attorney General Tracy Meyers requested Monday that prosecutors or a state grand jury take up a case against Wilson, according to a criminal referral request provided by the state attorney general’s office.

Evidently this isn't a new problem with Ron Wilson, the article reports:

Wilson kept selling the investments in South Carolina, and 24 other states, after agreeing in writing in 1996 to stop selling securities or similar investments because he was not a licensed broker or agent, according to state documents he signed.

The 1996 consent order signed by Wilson says he and any successors or representatives “are prohibited from making or causing to be made to any person or entity in South Carolina any offers or sales of securities by means of any false or fraudulent sales practices.”

In the second article one of the United Daughters of the Confederacy officer quips, "There is no silver lining in this." I always love a good humorist. Good for her.

Wilson used to run full page ads for his firm "Atlantic Bullion and Coin" in neo-Confederate publications.

It will be interesting what Wilson will say to his defrauded customers. Will he claim that an evil cabal of DC empire builders stole it, or it was a frame up by Obama and his minions?

The interesting thing about people in these right wing organizations is that they seem to be the targets of people selling investments. When they aren't being sold something as an investment to evade the New World Order or some imagined nemesis, they are being sold various quack health remedies. Some conspiracy is suppressing some health remedy and the persons advocating the conspiracy advocate some thing or food that you can purchase to cure what ails you. (Update: One website I am monitoring is selling a machine which generates electricity without inputs, essentially a perpetual motion machine, and also offering to sell gold wholesale.)

One thing that has to be asked is why it took 16 years for the South Carolina Attorney General's office to realize that Ron Wilson was violated an agreement to desist from selling securities. Lots of people suffering heavy losses.

Update:

I will update this as information becomes available.

More on this scandal:


http://www2.wspa.com/news/2012/mar/15/16/anderson-co-councilman-accused-running-scam-25-sta-ar-3411539/

http://www.wyff4.com/news/30676173/detail.html

Secret Service hauling off boxes of records.
http://www2.wspa.com/news/2012/mar/16/20/anderson-co-councilman-accused-running-scam-25-sta-ar-3411539/

Another article on the scamming.

http://thewilliamstonjournal.com/2012/03/15/sc-attorney-general-files-complaing-against-wilson-atlantic-bullion/#more-3122

Legislature decides to close barn door after horses have left department.

http://www.independentmail.com/news/2012/mar/17/anderson-legislators-react-investigation-ron-wilso/

Class-action suit: Lawyer conned by Wilson thinking of class action suit.

http://www.independentmail.com/news/2012/mar/16/class-action-lawsuit-proposed-against-ron-wilson/