NEWARK, N.J. (AP) - Three men from New Jersey and one from Nevada are accused of bilking two people out of $800,000 through an advance fee scheme.
Federal prosecutors have charged 54-year-old Harold Mignott of Voorhees, 64-year-old James Adkins of Hillside, 43-year-old Jerrid Douglas of Freehold and 44-year-old Roy Gillar of Las Vegas with conspiracy to commit wire fraud.
Prosecutors allege the men falsely stated their company could provide a "standby letter of credit" backed by Mexican gold bonds so a company could purchase gold oversees and sell it to gold refineries. The letter is a guarantee of payment issued by a bank should a client fail to fulfill its contract.
Authorities say the men bought luxury cars and watches and made mortgage payments with the cash.