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Minnesota man pleads guilty in coin fraud scheme

When people run certain businesses, they are often tasked with the responsibility of determining whether a product is counterfeit. Unfortunately, if they make a mistake, they could ultimately end up facing accusations of fraud. In fact, it is unclear how law enforcement officials who have charged a Minnesota business owner of selling counterfeit coins determined that he was aware that the coins were not real.

The 68-year-old man recently pleaded guilty to charges stemming from the accusations against him. Federal law enforcement officials claim that he operated a business involving the sale of collectible coins. Sources say that he advertised coins for sale in Numismatic News.

However, officials say that the coins he was advertising were actually counterfeit. They further argue that he conducted business under a false name, claiming that he was an employee of the store rather than the owner; officials do not believe that anyone actually worked for the business other than the man now accused. It is believed that people paid him over $57,000, and police say that he advertised other counterfeit coins priced at a total sale value of around $275,000. Reports claim that there could be other victims that have yet to be identified.

When accused of a white collar crime in Minnesota such as fraud defendants are often left facing difficult choices that could have a significant impact on the rest of their lives. Because of the potential consequences of a conviction, some people -- including those who did not commit the crimes of which they are charged -- may feel that their best option to to plead guilty. Though the decision is a difficult one to make, having an experienced criminal defense attorney on their side can ensure that they are fully informed of all of their options and the potential consequences of each.

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