Minnesota Coin Dealer Gets Five Years in Fraud Scheme
MINNEAPOLIS (AP) – A Twin Cities coin dealer has been sentenced to five years in prison for his role in a scheme that bilked clients out of nearly $3.4 million.
David Marion was sentenced Thursday. He could have been sentenced to more than seven years under federal sentencing guidelines.
U.S. District Judge Patrick Schiltz called the investor losses “huge” but acknowledged that Marion “resisted the temptation to blame others” for his crime.
But Assistant U.S. Attorney Karen Schommer says her office disagreed with the lesser sentence. She noted that many of the 57 mostly elderly victims lost their life savings.
Marion pleaded guilty last February to money laundering and conspiracy to commit mail and wire fraud.
Reports say Marion also must pay restitution of $3.37 million.