Police recently arrested four men, including one man from Camden County NJ, who have been accused of committing massive fraud.
The suspects include a 54-year-old resident of Voorhees in Camden County, a 64-year-old resident of Hillside NJ, a 43-year-old resident of Freehold NJ, and a 44-year-old man from Las Vegas, Nevada.
According to prosecutors, the suspects defrauded investors out of approximately $800K.
The suspects allegedly convinced their investors to put down money for commodities trading that revolved around the buying and selling of gold from Mexico. The conspirators reportedly claimed that they had credit and financial backing to buy gold in Mexico.
During a comprehensive investigation into the alleged fraud scheme, federal investigators determined that the suspects may have used the stolen funds to purchase luxury automobiles, expensive watches, and real estate.
All four suspects have been charged with a federal crime for committing wire fraud.
Most of the suspects have already been released from police custody after posting separate $200,000 bond amounts.
For more information about this case, check out the NJ.com article, “4 Charged with Fraud in Elaborate $800K Mexican Gold Scam.”
