Ron Wilson signed a plea agreement Friday, entering a plea of guilty on two charges of federal mail fraud.
According to reports, the agreement states that Wilson defrauded investors between January 2001 and March of 2012, with false pretenses or promises under what is described as investigators as a Ponzi scheme. The scheme involved investment in silver though his Powdersville business, Atlantic Bullion & Coin.
Penalties under the plea agreement include a fine of up to $250,000, up to 20 years in jail, a supervised release of three years and a special assessment of $100 for each of the two felony charges of mail fraud.
Wilson will also be required to testify to a grand jury or trial if the government asks him to.
The agreement also says Wilson will provide detailed and full disclosure of his finances and assets within 30 days and will make full restitution to those he harmed.
Wilson is scheduled for a 10 a.m. hearing today (Monday) before U. S. District Judge J. Michelle Childs in Greenville.
The U. S. Attorney’s Office in Greenville have scheduled a new conference at 2 p.m. Monday afternoon to announce what they are calling “a significant development” in the case.