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Man who scammed gold-coin buyers wins court ruling lowering restitution by $500G
FROM:
http://www.mycentraljersey.com/artic...016/1001/RSS09 Man who scammed gold-coin buyers wins court ruling lowering restitution by $500G By KEN SERRANO Staff Writer December 15, 2008 MIDDLESEX COUNTY -A state appeals court has ruled in favor of a convicted stock swindler who claimed he owed his victims only $600,000 in restitution for a scam dating back more than 20 years instead of $1.1 million as prosecutors contended. Armand DeAngelis, 51, who worked at a penny-stock business in East Brunswick when he swindled six investors in the 1980s, is now serving time in a federal prison in Florida. In the more recent case, DeAngelis pleaded guilty in March 2005 to defrauding customers in a gold coin scheme. Claiming to be a born-again Christian, DeAngelis advertised his price-inflated, supposedly rare gold coins in Christian magazines and claimed to be the "leading Christian gold dealer" on his company's Web site, federal authorities contended in a 2005 indictment. He was sentenced to 97 months in federal prison and is currently serving his sentence at a low-security facility in southern Florida. On May 31, 1991, DeAngelis was convicted after a trial in Superior Court, New Brunswick, before Judge Richard Plechner of defrauding customers of Kobrin Securities Inc., which had an office on Route 18. The jury convicted him of 10 offenses between 1981 and 1985 involving highly speculative stocks. DeAngelis drew a two-week term in the Middlesex County Adult Correction Center and was ordered to repay the customers he cheated. Plechner also placed him on probation for 10 years. In an oral decision, Plechner determined that DeAngelis had to repay a minimum of $600,000. But the order against him, signed months later, highlighted a $1.1 million restitution amount. The appeal centered on whether DeAngelis violated the terms of his probation for not repaying the full amount. DeAngelis repaid $682,000 by the time his probationary term expired in 2002. But the state Attorney General's office, which tried the 1991 case, argued that he should have repaid $1.1 million. Because of some confusion over the amount or restitution and DeAngelis' obligations and because of Plechner's retirement, another judge took up the case. DeAngelis was found to have violated probation and was sentenced to three years in prison. He was due to serve that sentence after getting out of federal prison. His federal release date is scheduled for May 21, 2011. But the two-judge panel on Monday, Dec. 15, overturned that three-year sentence, determining that he made full restitution. Part of Plechner's reasoning for the minimum amount of restitution was that DeAngelis was not alone guilty. The company he worked for, Kobrin Securities, was convicted of bilking three investors out of $1.6 million, money that had been mishandled by DeAngelis. Barrett Kobrin, the penny stock company's president, was acquitted of three counts of fraud by the same jury that convicted DeAngelis and the company. The company was closed by court order in 1985. Ken Serrano: 732-565-7212; ... |
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Man who scammed gold-coin buyers wins court ruling lowering restitution by $500G
Why is he being punished? They should punish the fools that bought
worthless garbage from him for their stupidity. "Arizona Coin Collector" wrote in message m... FROM: http://www.mycentraljersey.com/artic...016/1001/RSS09 Man who scammed gold-coin buyers wins court ruling lowering restitution by $500G By KEN SERRANO Staff Writer December 15, 2008 MIDDLESEX COUNTY -A state appeals court has ruled in favor of a convicted stock swindler who claimed he owed his victims only $600,000 in restitution for a scam dating back more than 20 years instead of $1.1 million as prosecutors contended. Armand DeAngelis, 51, who worked at a penny-stock business in East Brunswick when he swindled six investors in the 1980s, is now serving time in a federal prison in Florida. In the more recent case, DeAngelis pleaded guilty in March 2005 to defrauding customers in a gold coin scheme. Claiming to be a born-again Christian, DeAngelis advertised his price-inflated, supposedly rare gold coins in Christian magazines and claimed to be the "leading Christian gold dealer" on his company's Web site, federal authorities contended in a 2005 indictment. He was sentenced to 97 months in federal prison and is currently serving his sentence at a low-security facility in southern Florida. On May 31, 1991, DeAngelis was convicted after a trial in Superior Court, New Brunswick, before Judge Richard Plechner of defrauding customers of Kobrin Securities Inc., which had an office on Route 18. The jury convicted him of 10 offenses between 1981 and 1985 involving highly speculative stocks. DeAngelis drew a two-week term in the Middlesex County Adult Correction Center and was ordered to repay the customers he cheated. Plechner also placed him on probation for 10 years. In an oral decision, Plechner determined that DeAngelis had to repay a minimum of $600,000. But the order against him, signed months later, highlighted a $1.1 million restitution amount. The appeal centered on whether DeAngelis violated the terms of his probation for not repaying the full amount. DeAngelis repaid $682,000 by the time his probationary term expired in 2002. But the state Attorney General's office, which tried the 1991 case, argued that he should have repaid $1.1 million. Because of some confusion over the amount or restitution and DeAngelis' obligations and because of Plechner's retirement, another judge took up the case. DeAngelis was found to have violated probation and was sentenced to three years in prison. He was due to serve that sentence after getting out of federal prison. His federal release date is scheduled for May 21, 2011. But the two-judge panel on Monday, Dec. 15, overturned that three-year sentence, determining that he made full restitution. Part of Plechner's reasoning for the minimum amount of restitution was that DeAngelis was not alone guilty. The company he worked for, Kobrin Securities, was convicted of bilking three investors out of $1.6 million, money that had been mishandled by DeAngelis. Barrett Kobrin, the penny stock company's president, was acquitted of three counts of fraud by the same jury that convicted DeAngelis and the company. The company was closed by court order in 1985. Ken Serrano: 732-565-7212; .. |
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Man who scammed gold-coin buyers wins court ruling loweringrestitution by $500G
On Dec 15, 9:18*pm, "Lorrie S." wrote:
Why is he being punished? *They should punish the fools that bought worthless garbage from him for their stupidity. Ignoring the fact that you post only to inflame, I too, was wondering what law he acutally broke. Charging too much for gold coins? Heck, I can put up an eBay auction for a common cent with a BIN of $8000 dollars. If someone buys it they are pretty dumb and maybe I should be ashamed for taking an obscene amount of money for it but what law have I broken? Is it becuase he claimed they were rare? Define rare. If I claim I am the leading coin dealer in a one mile radius and lo' and behold there is actually another dealer within a mile who does more volume, pulls in higher profits, and is accredited have I broken a law? If I claim a poll shows me as the top coin dealer in the midwest but the only respondents were family members have I broken a law? The article does not make it clear what law he broke. |
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