MINNEAPOLIS (WCCO) – A 53-year-old Excelsior coin dealer was sentenced Thursday in federal court for defrauding customers and investors out of more than $3.3 million.
David Laurence Marion was sentenced to 60 months in prison for one count of conspiracy to commit mail and wire fraud, and one count of money laundering.
Marion owned International Rarities Corporation (IRC), a business that bought, sold and traded cold coins and precious metals, among other things. He admitted that between December 2012 and August 2011, IRC received more than $2 million in coins, precious metals and money from customers who intended to make purchases or trades.
In August 2011, IRC purportedly had more than $2 million in unfulfilled customer orders. When customers inquired about the status of their orders, they were ignored by Marion and the IRC staff. Marion then used the revenue to support his gambling and lavish lifestyle, losing approximately $1.7 million as a result of the scheme.