9 to be arraigned in rare coin scheme --- Millions stolen from duped elderly victims, authorities say

FROM:
http://www.newsday.com/news/local/ny...tory?track=rss

Newsday News - Long Island And New York City News

9 to be arraigned in rare coin scheme

Millions stolen from duped elderly victims, authorities say

BY CARL MACGOWAN

1:15 PM EST, November 24, 2008

A Long Island-based boiler room operation stole millions
of dollars from elderly victims who believed they would
make a mint from purchasing and reselling rare coins,
authorities said.

Charges were filed Monday against nine defendants
who were to be arraigned Monday afternoon in Central
Islip federal court, a spokesman for U.S. Attorney
Benton Campbell said. Three other suspects are named
in a federal complaint, which does not reveal the
charges.

At least 20 people paid hundreds of thousands of
dollars each to buy supposedly rare coins, with
the expectation that anonymous investors would
purchase them at higher prices, according to a
complaint filed Friday by U.S. Postal Inspector
William Hessle.

After buying the coins, the victims were told that
the investors backed out, Hessle said. Some victims
learned that the coins were worth only a tenth of
what they paid for them, he said.

Companies run by the defendants, including All
American Coin in Copiague and Northeast Gold and
Silver in Lindenhurst, made more than $70 million
over the past eight years, Hessle said. The
companies also face charges.

...

"Lorrie S." wrote in message
...
The 9 defendants should not be punished for their actions. The elderly
fools willingly invested in something they knew nothing about. The buyers
are the ones who should be punished, for their ignorance.

"Arizona Coin Collector" wrote in message
m...
FROM:

http://www.newsday.com/news/local/ny...tory?track=rss

Newsday News - Long Island And New York City News

9 to be arraigned in rare coin scheme

Millions stolen from duped elderly victims, authorities say

BY CARL MACGOWAN

1:15 PM EST, November 24, 2008

A Long Island-based boiler room operation stole millions
of dollars from elderly victims who believed they would
make a mint from purchasing and reselling rare coins,
authorities said.

Charges were filed Monday against nine defendants
who were to be arraigned Monday afternoon in Central
Islip federal court, a spokesman for U.S. Attorney
Benton Campbell said. Three other suspects are named
in a federal complaint, which does not reveal the
charges.

At least 20 people paid hundreds of thousands of
dollars each to buy supposedly rare coins, with
the expectation that anonymous investors would
purchase them at higher prices, according to a
complaint filed Friday by U.S. Postal Inspector
William Hessle.

After buying the coins, the victims were told that
the investors backed out, Hessle said. Some victims
learned that the coins were worth only a tenth of
what they paid for them, he said.

Companies run by the defendants, including All
American Coin in Copiague and Northeast Gold and
Silver in Lindenhurst, made more than $70 million
over the past eight years, Hessle said. The
companies also face charges.

..




Eight friggin' years these dirtbags have been doing business. Geez,the feds
took their time on this one.

UPDATED

This story link below give the names of the guys. I am
sure more stories will be coming later.

-----------------------------------------------

FROM:
http://www.wpix.com/landing/?9-To-Be...45&feedID=1404

WPIX News

9 To Be Arraigned In Long Island Coin Scam

ROB HOELL REPORTING

November 24, 2008

COPIAGUE, N.Y. - Three brothers, a brother-in-law,
and six others were rounded up by U.S postal
police in raids that happened early Monday morning.

The Long Island men are accused of running an
elaborate scam by defrauding hundreds of senior
citizens across the country.

Officials say the group operated out of a
Copiague store front, and other Long Island
locations, aggressively telemarketing elderly men
and women mostly in the Mid-West. The senior
citizens were tricked into investing their life
savings into what they believed were rare coins.

"Many of the seniors were told that these coins
would increase in value and that there were
investors lining up to buy the coins from them,"
said U.S. Postal Inspector Allan Weissmann.

Postal inspectors say the men were ripping off
seniors for the past seven years to the tune
of $60 million.

Michael Romano, along with his brother Joseph
who has yet to be arrested, are said to be the
masterminds behind the ruthless scam that
emptied bank accounts and shattered dreams.

People who work near "All American Coin" on
Montauk Highway in Copiague tell us they always
suspected something wasn't on the level.

"Nobody was allowed in," one nearby worker
said. "No customers off the street."

Postal inspectors say victims were over
charged between 80-90% of what the coins
were really worth.

"When they called to find out when they would
be able to sell their coins, they were
actually convinced to buy additional coins,"
Weissman said. "They were told this is what
the investor wanted, so they would buy more
coins and be in debt at an even high rate."

Postal inspectors say a woman in Chicago who
recently passed away was scammed out $1.5
million dollars.

....

The 9 defendants should not be punished for their actions. The elderly
fools willingly invested in something they knew nothing about. The buyers
are the ones who should be punished, for their ignorance.

"Arizona Coin Collector" wrote in message
m...
FROM:
http://www.newsday.com/news/local/ny...tory?track=rss

Newsday News - Long Island And New York City News

9 to be arraigned in rare coin scheme

Millions stolen from duped elderly victims, authorities say

BY CARL MACGOWAN

1:15 PM EST, November 24, 2008

A Long Island-based boiler room operation stole millions
of dollars from elderly victims who believed they would
make a mint from purchasing and reselling rare coins,
authorities said.

Charges were filed Monday against nine defendants
who were to be arraigned Monday afternoon in Central
Islip federal court, a spokesman for U.S. Attorney
Benton Campbell said. Three other suspects are named
in a federal complaint, which does not reveal the
charges.

At least 20 people paid hundreds of thousands of
dollars each to buy supposedly rare coins, with
the expectation that anonymous investors would
purchase them at higher prices, according to a
complaint filed Friday by U.S. Postal Inspector
William Hessle.

After buying the coins, the victims were told that
the investors backed out, Hessle said. Some victims
learned that the coins were worth only a tenth of
what they paid for them, he said.

Companies run by the defendants, including All
American Coin in Copiague and Northeast Gold and
Silver in Lindenhurst, made more than $70 million
over the past eight years, Hessle said. The
companies also face charges.

..

"Arizona Coin Collector" wrote in message Postal
inspectors say a woman in Chicago who
recently passed away was scammed out $1.5
million dollars.

See what I mean! That foolish old hag had millions to throw away on coins.
I'm sure the homeless standing in Chicago soup lines feel really bad about
her being scammed.

"Arizona Coin Collector" wrote in message
m...
FROM:
http://www.newsday.com/news/local/ny...tory?track=rss

Newsday News - Long Island And New York City News

9 to be arraigned in rare coin scheme

Millions stolen from duped elderly victims, authorities say

BY CARL MACGOWAN

1:15 PM EST, November 24, 2008

A Long Island-based boiler room operation stole millions
of dollars from elderly victims who believed they would
make a mint from purchasing and reselling rare coins,
authorities said.

So a bunch of greedy old geezers got taken to the cleaners. YAWN!
They have only themselves to blame.
How is this any different than the coin hucksters on TV who are selling
coins at twice the going rate?