A former Spain resident was taken into custody in a $16 million investment scheme that victimized hundreds of investors around the world.
On December 2009, Anthonie R. Sparrow, 53, of Estepona, Spain, was charged in Manhattan federal court with perpetrating a $16 million investment scheme.
According to the allegations, from 2002 to January 2005, Sparrow and co-defendant Masroor A. Khan orchestrated and carried out an extensive fraudulent coin investment scheme.
The defendants solicited victims to invest in rare, collectible coins through Lloyd’s & Associates Asset Management Ltd. (LAM), a purported collectible coin and precious metal business run by Sparrow.
Khan and Sparrow told the victims that these funds would be used to purchase coins and that the coins would then be held at Pinnacle Depository Service (Pinnacle), a purported coin depository and secure storage area, which was also run by Sparrow.
Sparrow faces a maximum sentence of 20 years in prison on each count of conspiracy to commit wire fraud and wire fraud.
As part of his guilty plea, Sparrow also agreed to forfeit $16 million to the United States.
Sparrow is scheduled to be sentenced by Judge Robert W. Sweet on June 2, 2014.
Related Federal Cases
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- Letitia James, Investment Fraud, New York 2023 · New Hampshire
- Kenneth Thom, Investment Scam, New York 2023 · North Carolina
- Christopher Ferguson, Securities Fraud, New York 2020 · Ohio
- Todd Faustin, Workers’ Compensation Fraud, New York NY, 2023 · New York
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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