A coin dealer from Long Island has been charged in connection with a $330,000 cross-country coin consignment and sales scheme that targeted coin dealers and private collectors from California to Long Island.
Harold Adamo, 53, of Fort Salonga, was charged on Wednesday, Sept. 11, on four counts of grand larceny, scheme to defraud, and four counts of issuing a bad check, said the Nassau County District Attorney's Office.
According to the indictment, from April 2017 through March 2019, Adamo was allegedly engaged in a scheme to defraud money, gold and collectible coins from individuals and businesses under the guise of legitimate coin deals.
Adamo allegedly defrauded customers in three ways: by soliciting money from clients to whom he promised rare collectible coins and not delivering them; by purchasing several coins from dealers and issuing bad checks; or by bargaining for coins under the guise of ‘promise to pay.'
In all instances, he allegedly failed to return money and property to the purchasers. At first, he made excuses and false representations and then he didn’t answer their communications.
In all, Adamo allegedly scammed seven people or businesses out of a total of $332,222. Two victims are from California, one from Ohio, one from Michigan and three from Long Island including Melville, Oyster Bay, and East Islip.
“This defendant allegedly ran a cross-country coin consignment and sales scheme, and bilked seven customers out of more than $330,000,” Nassau County District Attorney Madeline Singas said.
Bail was set at $100,000 bond or $100,000 cash. If convicted of the top count, Adamo faces a maximum of seven years in prison.
The investigation continues. If you believe you may have been victimized, please contact the NCDA’s Financial Crimes Bureau at 516-571-2149.
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