Leslie John Hamilton was sentenced to 30 years in prison for masterminding a pyramid scheme that he claimed was an investment in rare coins. The scheme involved over 300 victims, who lost more than $10 million.
Hamilton was convicted by a federal jury on 28 counts of mail fraud and wire fraud, after representing himself as a master coin grader. He claimed that he bought coins below market value, and then resold them for a profit. Investors were promised returns of 8% to 150%. In reality, investors were paid “returns” on their money via collections from new investors, typical of a traditional Ponzi scheme.
The fraudster continues to claim that he is not guilty, and is the target of a government conspiracy.
Read the full story here.
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