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November 6, 2015

   On November 6, 2015, the Receiver filed a Motion to Approve Plan for Claims Administration and Distribution of Proceeds which, if approved, would provide for a distribution of $7 million to those claimants that have their claims approved by the Court. A hearing will be held with regard to the Receiver's Motion and proposed Plan on December 17, 2015 at 2:00 in courtroom #3 at the Clement F. Haynsworth Federal Courthouse, 300 East Washington Street, Greenville, South Carolina. Every Claimant will receive the Receiver's Motion and proposed Plan through the U.S. Mail. A copy can also be found here on the website. Please review all of the information contained in the Motion and Proposed Plan before calling the Receiver's office with questions. Please note that this hearing is ONLY to decide the validity of and to rule upon the approval of the Plan being proposed. It is NOT a hearing to decide who gets to participate in the distribution and who does not. That hearing will be held at a later date. 

   If the Plan is adopted by the Court, a copy of the adopted Plan as well as the Receiver's Schedule of Net Loss Amounts will be mailed to each Claimant by U.S. Mail and posted on the website. The Plan will set forth the date by which a Claimant must complete the filing of their objection, if any, and will also provide a hearing date to resolve objections relevant to the information contained in the Schedule of Net Loss Amounts. Please note that the Schedule of Net Loss Amounts will not indicate the amount a Claimant will receive. After resolultion of any objections, the procedure for which is set forth in more detail in the Plan, an amount for each claimant's initial distribution will be calculated and checks will be mailed. 

   The theory in the Receiver's proposed Plan for Claims Administration and Distribution of Proceeds is called the "Rising Tide" method which has been used successfully in other federal Ponzi schemes in the District of South Carolina. The Rising Tide method treats those that deposited money with Ronnie Gene Wilson "Wilson" or Atlantic Bullion & Coin, Inc. ("ABC"), but actually received financial returns (i.e. return on investment or indirectly for other purposes including, but not limited to commission fees from Wilson or AB&C). We have determined that a large percentage of the approximately 500 Claimants that filed a timely Proof of Claim form received nothing from Wilson or AB&C. Therefore, these Claimants can expect to receive a greater percentage of the funds to be distributed from the Receiver. Conversely, there is a small percentage that received money and/or financial benefits from Wilson or AB&C during the course of the scheme and these Claimants will receive a smaller percentage of the funds to be distributed from the Receiver, and in some instances nothing. 

   Another much smaller distribution will be made in the future after all assets are recovered and liquidated and all litigation has ended. 

   Furthermore, the Receiver is no longer able to accept Proof of Claim Submissions. Anyone seeking to submit an untimely Proof of Claim form for consideration must seek relief from the United States District Court. 

Motion to Approve Plan for Claims Administration and Distribution of Proceeds and Ex A-Proposed Plan