‘Runaway Ron’ indicted by Nevada Grand Jury

Ronald V. Markham, 76, has been indicted by a U.S. Grand Jury for allegedly defrauding numerous investors of more than US$2 million by selling shares in a Nevada company that claimed to have a major precious metals discovery called “Gold Mountain” in southern Utah.

Markham is charged with one count of stock fraud, 30 counts of mail fraud, two counts of wire fraud, two counts of money laundering, and criminal forfeiture. If convicted, he faces up 20 years in prison and fines of up to US$5 million, and will forfeit proceeds from the sale of properties in Hawaii and Reno.

The Nevada indictment states that Markham sold shares in American Gold Mining, a privately held company that claimed to be extracting gold and precious metals from the Utah mine. It was later found that there was no mine; nor were there permits to mine, nor any economical means to extract precious metals from the site.

The indictment follows a civil complaint filed against Markham by the Securities and Exchange Commission earlier this year. This complaint seeks permanent injunctions and monetary penalties against Markham.

Prior to that, Markham was fined and given other penalties by the British Columbia Securities Commission (BCSC) for selling shares in a private company that claimed to have a major gold discovery in Oregon. It was later discovered that the “gold” could not be detected or extracted using conventional assaying and recovery methods.

Prior to that, Markham came to the attention of British authorities for selling shares in companies that claimed to have found, among other things, King Solomon’s lost mines. Markham fled England when regulators tried to investigate the veracity of his claims. He did not attend the BCSC hearing either, though by this point, his international activities had attracted media attention and the dubious distinction of being named “the ultimate con man.”

An arrest warrant has been issued for Markham for the latest allegations involving American Gold Mining.