What is a Receiver?
"A person appointed by a court for the purpose of preserving property of a debtor pending an action against him, or applying the property in satisfaction of a creditor's claim, whenever there is danger that, in the absence of such appointment, the property will be lost, removed or injured. An indifferent person between the parties to a cause, appointed by the court to receive and preserve the property or fund in litigation, and receive its rents, issues, and profits, and apply or dispose of them at the direction of the court when it does not seem reasonable that either party should hold them. A fiduciary of the court, appointed as an incident to other proceedings wherin certain ultimate relief is prayed. He is a trustee or ministerial officer representing court and all parties in interest to litigation, and property of fund intrusted to him."
Blacks Law Dictionary
In the above definition, Atlantic Bullion & Coin, Inc. and Ronnie G. Wilson (AB&C) is the debtor party and the Court-approved Claimants are the creditors. In general terms, a Receiver is an individual holding assets for another party with the legal authortity and duty to make decisions regarding financial matters on behalf of the other party. In this case, Mr. Ashmore is the attorney that the US District Court appointed to take control over all of the assets of the other party, AB&C, for the benefit of the Court-approved Claimants. When necessary, he will liquidate certain assets, with the Court's permission, to convert it to money in order to give as much as possible back to the Court-approved Claimants. The Receiver can also bring lawsuits against individuals or companies to recover assets or funds to be paid to the Court-approved Claimants.
How does the Receiver get money from AB&C?
The Receiver has seized or recovered from the United States Secret Service all of the assets of Atlantic Bullion & Coin, Inc. and Ronnie G. Wilson that are known to him. Only the Receiver has the legal right to possess, use or liquidate those assets. This property now belongs to the Receiver who has the decision when to sell it in order to convert it to cash to repay the Court-approved Claimants.
Will I be repaid all of my money?
No. Some of the money was by Wilson spent on things like food, travel and entertainment. When that happens, there is no item to sell and no way to get back that part of the money. Other items purchased by Wilson include depreciating assets that lose value at an accelerated rate such as: vehicles, home furnishings, farming equipment, and solar panels. Without question, some of this money is unrecoverable because these assets depreciate and are typicaly worth significantly less than the original purchase price. It appears that AB&C never made a legitimate investment with the funds they acquired. And, as it is with any Ponzi scheme, much of the money taken in by AB&C was used to make large payments to early investors to support the claims AB&C was making that the investment strategy was highly profitable.
Please Note: There is a certain amount of unaccounted for AB&C cash at this time. The Receiver strongly believes that Ronnie G. Wilson hid cash, coins, and/or precious metals or gave it to close associates for safekeeping. If you have any information as to the whereabouts of hidden cash, coins, or other precious metals, please contact the Receiver's office right away with that information.
What are the steps the Receiver must take prior to distributing funds to creditors?
1. Locate and convert or liquidate all of the assets that the Receiver can find.
2. Bring lawsuits against all persons who profited from the scheme with whom we have not been able to reach an agreement.
3. Bring lawsuits against the principals and/or those that may have assisted the principals in the fraud.
4. Create and submit to the Court for approval a Proof of Claim Form that is designed from the research and information gathered about the AB&C ponzi operation and how investments were made and maintained by AB&C.
5. Gather all of the potential Claimants' personal information as well as information about their investment with AB&C via the Court-approved Proof of Claim Form and then verfiy each Claimant's net loss amount.
6. Recommended to the Court a list of Claimants, their verified net loss amounts for approval, and proposed distribution amount.
7. Distribute money to all Court-approved Claimants.
8. Evaluate all open matters, assets that have not been liquidated or converted, ongoing investigations, etc. to determine if the Receivership should continue.
When will the claim form be available on the website?
The Proof of Claim form will be available on our website once it is approved by the United States District Court, District of South Carolina. Please check the website periodically for this and other important information.
If we have already sent copies of documents regarding our investment to any other authority, do we still need to fill out a claim form for the Receiver?
Yes. You must fill out the Receiver's Proof of Claim form once it becomes available. The Proof of Claim form will guide you as to all of the necessary information and documents you will need to furnish. Regardless of any other forms you might have previously filled out regarding your involvement with AB&C, the ONLY way you can be eligible for a distribution is to submit to the Receiver the Court-approved Proof of Claim Form that will be made available by the Receiver's office.
I have lost or misplaced the documentation regarding my investment that would provide proof of my investment. Nonetheless, I am attempting to recover a copy of the check I used to initiate my investment from my local bank. Is a cancelled check sufficient enough proof of my investment?
The Receiver would encourage you to secure as much proof and documentation as you can regarding any prior investment. However, again, please do not send us any information at this time.
Can you make my claim a priority?
No. In similar type cases, there are many investors, each wanting special treatment. Legally, the Receiver must treat all investors exactly the same. Unfortunately, medical conditions and other hardships cannot be treated differently.
Why does it take so long for the Receiver to do his job?
The Receiver must first search for and obtain possession of all assets and money. This may be easier in the case of homes and other real estate. However, it is extremely time consuming in the case of hidden money and/or assets. Next, the Receiver has to liquidate assets and obtain the highest price possible. To do this, the Receiver must actively "shop" the property over a long enough period of time in order to get the highest possible price. Moreover, the Receiver must investigate and bring lawsuits against persons that may have assisted the principals in the fraud or have illegally received money from the principals. The Receiver must also pursue to the fullest legal extent possible all those investors who profited from their investment. Finally, the Receiver must be sure that all investor claims are accurate before money is released, otherwise he will have no way to get it back. This entails a detailed claims process. The larger the number of potential Claimants, the longer this process takes.
When can I expect my money to be returned to me?
Generally, our ability to return funds will begin after the Court approves a distribution from the Receiver. This will not occur until the Receiver believes with certainty that he has provided a sufficient opportunity for all potential Claimants to make a claim and that he has liquidated, converted, and recovered all known assets. It is possible that funds may be returned over a period of time, once the above events have occurred, resulting in more than one distribution.
How much money will I get back?
At this time, it is premature for the Receiver to know what the investor can expect to receive.
How do the Receiver and his team get paid?
The Receiver, his lawyers, and staff are paid an hourly fee as approved by the Court. The funds used come from the assets collected.
Should I contact the Receiver's office directly?
The Receiver's team is happy to answer any questions you may have to the best of our ability. Please contact us immediately if you have any information concerning additional assets.
Receiver, Wilson-AB&C 864-271-8200 (phone)
Beattie B. Ashmore 864-451-7591 (fax)
PO Box 9019 www.receiverwilsonabc.com
Greenville, SC 29604 email@example.com