James Maceo Ramey was found guilty on all 25 counts alleged in an indictment relating to bankruptcy fraud and for running a bogus Internet gold sales company that made more than $300,000.

According to the FBI, Ramey set up and operated a fraudulent online gold website. He set up a business called Manhattan Gold, Inc. and solicited purchases of gold coins, including American Gold Eagles, Australian Kangaroos, South African Kruegerands, Canadian Maple Leafs, and Credit Suisse gold bars. Victims soon realized Ramey had neither gold to sell nor refunds to provide to those he had defrauded.

After five hours of deliberations, the jury returned its verdicts of guilty last Friday afternoon. Sentencing is scheduled for Oct. 12, 2010. Ramey faces up to five years’ imprisonment for of the 17 bankruptcy fraud convictions, and up to 20 years for the eight mail-fraud convictions.