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