NC man convicted of running $25M bullion scam

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MIAMI — A North Carolina man has been found guilty of operating fraudulent precious metals investment businesses that fleeced $25 million from investors.

U.S. Attorney’s Office officials said a Florida jury on Thursday found Arthur John Schlecht, 54, of Boone, guilty of conspiracy and wire fraud charges.

Schlecht’s companies reportedly offered hundreds of people the chance to invest in gold, silver, platinum and palladium bullion that would be stored in vaults for them.

But the companies never bought any of the bullion in the names of the investors, according to trial testimony.

Schlecht was said to have spent millions of dollars for cars, jewelry and other items and services.

Schlecht faces a maximum 40-year prison sentence plus fines and restitution.

Read more: The U.S. Attorney’s Office

7 comments

  • observer10

    Just don’t assume that if he goes to a ‘Church’, it is a Christian Church. Also, most true churches welcome sinners truly seeking repentance.

    • Khai

      Making the assumption it’s a Christian church is pretty common sense. 99.9% of the thousands of churches in America are Christian. Don’t be stupid, Observer. Go waste more time and resources on your little religion.

  • Mark Stabler

    What difference does it make if he was a church goer? He is convicted of swindling hundreds of people out of their hard earned money. He needs to spend the next 40 years in prison making little rocks out of big ones instead of watching TV and eating three good meals and snacks off the public.

    • (Jesus H. Christ)

      Mark, your government from the local to the federal does the same thing. They swindle your money from you in the form of taxes and if you complain you will spend the next 40 in jail, not them.

  • juror

    I was a “alternate” juror on this trail. The reason I said “alternate” is because myself and 4 others were not the original alternate’ s. When the jury was dismissed it turned out that the wrong deliberating jury was send to the jury room. The defense objected and a side bar was done several minutes later. We were told that the jury stands as it is. The evidence was not enough to convince him beyond a resalable doubt. I was shocked when a guilty. Verdict came back. The trail was long the first week and a half was a video deposition deposition from Fred Gomer the account and owner of one of the companies. Half of the jury that deliberated fell asleep during most of the video taped evidence the court clerk had to tell the jurors to stay awake. Evan the prosecutor was dosing off. And one of the jurors who voted guilty could barely speed English. Most of the “alternates” would have not voted to convict himnow we’re not saying that he is innocent of anything there was some reporting fraud to the IRS but when it comes to the wire fraud and attempted wire fraud and mail fraud there was no evidence to warrant a conviction beyond a reasonable doubt it was so much doubt just do the testimonies of the other individuals who played guilty for lesser sentence..

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