A bankrupt Twin Cities roofing contractor who tried to reinvent himself during the Great Recession by selling gold and silver coins has been barred for life from the precious metals industry for fraud and ordered to pay $2 million in restitution and penalties.

Schaun K. Waste, 50, of Minneapolis, had operated Guardian Gold & Silver Exchange in Plymouth with the late Ray Hanisco from 2009 until two years ago, when they were sued by Minnesota Attorney General Lori Swanson for bilking mostly elderly customers on sales of coins and bullion.

Hennepin County District Judge Regina Chu issued an order this month banning Waste from the industry.