Page 2 of 2 Previous

Continued: Mpls. coin dealer gets 5 years for fraud scheme

  • Article by: DAVID PHELPS , Star Tribune
  • Last update: August 29, 2013 - 11:33 PM

Schiltz noted, however, that Marion’s pledge to assist federal authorities in other coin-industry investigations “did not rise to the level of substantial assistance” but said he gave Marion “credit for trying.”

Defense attorney Craig Cascarano painted Marion as a successful businessman and dedicated family man whose life went awry after a series of knee surgeries led to a dependence on the painkiller OxyContin which was exacerbated by an addiction to alcohol and gambling.

“He took money to feed that addiction, which was threefold. That life literally destroyed him,” said Cascarano, who requested an 18-month prison sentence for Marion. “The person that David is today is not the person involved in the criminal conduct.”

But Schiltz called Marion’s crimes “extremely serious” and noted Marion was earning up to $1 million as owner of his company.

“This was not a crime of impulse or a crime of desperation,” Schiltz said. “The financial services industry in general and the precious metal industry in particular are rife with fraud.”

International Rarities Corp. filed for Chapter 11 bankruptcy protection in August 2011 but was forced to liquidate last September after the SEC filed suit against Marion in March.

Staff writer Dan Browning contributed to this report.

David Phelps • 612-673-7269

  • related content

  • New Minnesota coin law targets shady dealers

    Monday July 29, 2013

    As of Thursday, state will require bonds, background checks for metals vendors.

  • May 8, 2011: A gold mine for scammers

    Sunday May 8, 2011

    As gold has surged as high as $1,556 an ounce, many investors are learning the hard way that the marketing of valuable coins is a largely unregulated trade in which...

  • David Marion, CENTER, leaves the Federal Building in Minneapolis Thurs...

  • David Marion left the Federal Building Thursday with his sister Amy Marion and lawyer Craig Cascarano.

  • David Marion ducked behind his sister Amy Marion after sentencing Thursday, trying to avoid the camera. Defense lawyer Craig Cascarano accompanied them.

  • A gold mine for scammers

    To read the Star Tribune investigation of how dealers and ex-cons make a killing in coin scams, especially by preying on the elderly, go to www.startribune.com/a390.

  • get related content delivered to your inbox

  • manage my email subscriptions

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

 
Close