Related Federal Cases
- Bryan Reichel, Investment Fraud Scheme, Minnesota 2016 · Minnesota
- Seng Xiong, Elder Fraud Scheme, Minnesota 2024 · Minnesota
- Paul Ernest Sellors, Counterfeit Court Seal Scheme, Minnesota 2013 · Utah
- Svetislav Vujovic, Financial Institution Fraud, Minnesota 2023 · Illinois
- Brett C. Lillemoen, USDA Export Credit Guarantee Program Fraud, Minnesota 2007 · Colorado
Dennis Helmer, 54, Sentenced to 150 Months in Prison for Coin Fraud Scheme
A Minnesota man has been sentenced to 150 months in prison for orchestrating a $1.3 million coin fraud scheme that targeted dozens of elderly victims. Dennis Charles Helmer, 54, of Farmington, Minnesota, was sentenced on September 25, 2014 before Senior Judge David S. Doty.
According to court documents, Helmer operated Wholesale Assets Worldwide, LLC (WAW) and Best Price International, LLC (BPI), which engaged in appraising, buying, selling, and trading of coins and precious metals. From November 2009 through January 2014, Helmer contacted dozens of victims, many of whom were in their 80s and 90s, and persuaded them to entrust him with money, coins, and precious metals based on false promises.
Helmer falsely told victims that his businesses had more than 75 employees and $500 million in annual revenue, and also provided a falsely obtained “Dun & Bradstreet Credibility Review” of his business. WAW and BPI received over $1.3 million in coins, precious metals, and cash from victims, which Helmer used to fund his own personal expenses and attempt to fund start-up costs for another purported company, Smoke Shack, LLC.
Helmer targeted elderly victims because they were particularly vulnerable, taking note of anything that would make it easier to steal from them. He used various aliases, including “Jeff Jones,” “Mr. Diamond,” and “Dennis Dimon,” in an attempt to hide his three prior criminal convictions for similar conduct in Dakota and Hennepin Counties.
The case is the result of an investigation conducted by the United States Postal Inspection Service and the Minnesota Department of Commerce. Assistant U.S. Attorney Kimberly A. Svendsen prosecuted the case.
Defendant Information:
Defendant: Dennis Charles Helmer, 54
City and State: Farmington, Minnesota
Criminal Charges: Mail Fraud, 1 count
Sentence: 150 months in federal prison, 3 years supervised release, $1,329,873.25 restitution
Date: September 25, 2014
Key Facts
- State: Minnesota
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News