A federal grand jury has returned a 32-count indictment against a St. George businessman who allegedly told "investors" he had a wealthy partner in Asia known as "The General" and that they had joined with the FBI and the Department of Justice to bring back U.S. currency from China as part of a "unofficial stimulus package."
Edmund Edward Wilson, 69, faces charges of wire fraud, conspiracy to commit wire fraud and money laundering for his operation of the Fountain Group of Companies of Utah. Wilson took in $13 million to $18 million and shipped at least some of it illegally overseas, according to court papers in his 2012 bankruptcy.
Wilson offered to finance real estate projects for up-front fees of $80,000 or $150,000 through an investment deal he called his "Substitution of Collateral Program." He claimed the program was so profitable that the project financing would be entirely forgiven in 18 months in return for a stake in the project.