Preston profited greatly in Wilson Ponzi scheme


Court documents show

By Stan Welch – Former Anderson County Administrator Joey Preston has conceded that he did in fact profit far beyond his original claims from his role in the Ron Wilson Ponzi scheme that left hundreds of investors bilked out of almost $60 million.

According to court documents in the federal case Preston has conceded that he did in fact make approximately $1.2 million on his original investment of $192,000 in the silver securities scam for which Wilson is currently serving time in a federal prison in Ashland, Ky.

When the investigation into Wilson’s dealings first broke and he was arrested, Preston claimed that he too was a victim of the scam. His attorney, Candy Kern Fuller, also claimed that she was a victim of Wilson’s scheme, claiming that she lost approximately ten thousand dollars in the scheme. According to court documents, she recently missed a court ordered deadline to respond to charges that she in fact made more than thirty thousand dollars from her original investment, and will likely be compelled to respond or face contempt of court charges.

The investigation into Preston’s role revealed evidence to the contrary. Preston’s subsequent admission that he had in fact made approximately six hundred thousand dollars from his role in bringing in new victims was also challenged by federal investigators, who alleged that Preston actually made double that amount. His signing of a confession of judgment, acknowledging the accuracy of the federal receiver’s figures settles that issue.

Preston’s current attorney, Jim Bannister, of Greenville, acknowledges that the judgment against Preston will remain in effect for ten years. He added that a number of investigations into Preston’s finances led to the inescapable conclusion that he has no means to satisfy the judgment at this time, but concedes that any assets he might acquire in the ten year period will be subject to attachment by the federal court for distribution to the actual victims.