A federal grand jury indicted Portland-based U.S. Gold & Silver Investments owner Larry Heim in a $1.7 million fraud scheme.
A federal grand jury indicted Portland-based U.S. Gold & Silver Investments owner Larry Heim in a $1.7 million fraud scheme.
The Portland jury indicted Lawrence H. Heim of Tigard with 12 counts of mail fraud and one count of wire fraud, U.S. Attorney Dwight C. Holton said Wednesday in U.S. District Court. Heim had owned U.S. Gold & Silver Investments, Inc., in Portland since 1972. He also operated a website… and at one point hosted a radio show, according to the indictment.
As recently as February, the indictment says, Heim’s website told readers: “Buy gold and silver NOW! The sell-off may be over. Remember, my calculations say that gold is going to $11,500 per ounce. That is about 8 times where it is right now.”
But between June 2010 and November 2010, Heim received $1.7 million in from 12 investors trying to purchase 1,100 gold coins and 3,500 silver coins, the indictment said. The investors sent money from Portland, Lake Oswego, Vancouver, California, Minnesota, Pennsylvania, Florida and Idaho.
Heim never delivered the coins, the indictment says. He also falsely promised to send customers refunds and made up explanations as to why their purchases were delayed, according to the indictment.
Read more at OregonLive.com.
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