Receiver In Wilson Ponzi Case Selling Silver Bars

The court-appointed receiver in what investigators call a $90M Ponzi scheme has been authorized to sell silver bars seized from Ron Wilson.

Beattie Ashmore was appointed receiver in the Ron Wilson and Atlantic Bullion & Coin case earlier this year.

The Associated Press is reporting that Ashmore is being allowed to sell the silver bars seized during the investigation. Funds generated from their sale will be distributed to Wilson's investors.

On July 30, investigators announced that to two counts of mail fraud and was cooperating with the investigation.

Beginning in 2001 and continuing to early 2012, Wilson operated a Ponzi scheme. Wilson told investors he would buy silver on their behalf and hold that silver at Delaware depository, U.S. Attorney Bill Nettles said.

But Wilson did not purchase the silver as he claimed, and lied to his clients about their supposed silver holdings at the Delaware depository.

It's estimated that Atlantic Bullion and Coin investors lost $60 million.

Earlier this summer, Ashmore painted a bleak picture as to what investors could expect to recover.

“We're starting this case with zero in the bank,” he said.

He said determined the amount of payouts to defrauded investors, and which investors would be paid first, would be “very complicated.”

“If you gave him money and don't have a penny to show for it, you'll be getting on top of the list in terms of recovering monies, but we'll have to recover those monies. I'm sure the court will will order full restitution to the extent that full restitution can be made.”

The case involves ten years of bank records, Ashmore said.

“There is a significant amount of money still missing,” he said.

Wilson is out on $1 million bail. A sentencing date has not been set yet. Wilson could face up to 20 years in prison and $500,000 in fines.