New York (CBSNewYork) — Three Florida men using a Wall Street address duped at least 150 people into spending $8 million on precious metals they did not own, Manhattan District Attorney Cy Vance said.
The men, all in their 30s, allegedly encouraged their victims to invest their retirement savings in silver bullion, WCBS 880’s Irene Cornell reported. The company, PMCO, told customers that it held many tons of metals, employed hundreds of people and counted several large insurance companies and the New York Mets among its clients — none of which was true, prosecutors said.
The accused mastermind, Sean Robert Stropp, allegedly claimed he had more than 30 years of experience. He is 31.