4 charged in $800K advance fee scheme
Editors Note APNewsNow.
NEWAKR, N.J. (AP) _ Three men from New Jersey and one from Nevada are accused of bilking two people out of $800,000 through an advance fee scheme.
Federal prosecutors have charged 54-year-old Harold Mignott of Voorhees, 64-year-old James Adkins of Hillside, 43-year-old Jerrid Douglas of Freehold and 44-year-old Roy Gillar of Las Vegas with conspiracy to commit wire fraud.
Prosecutors allege the men falsely stated their company could provide a ``standby letter of credit'' backed by Mexican gold bonds so a company could purchase gold oversees and sell it to gold refineries. The letter is a guarantee of payment issued by a bank should a client fail to fulfill its contract.
Authorities say the men bought luxury cars and watches and made mortgage payments with the cash.
It's not known if they have lawyers.
By The Associated Press, Copyright 2017