Local Coin Dealer Indicted on Felony Fraud Charges

Local News

0  Updated at 3:42 pm, November 15th, 2012 By: EastIdahoNews.com
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IDAHO FALLS – An Idaho Falls coin dealer was indicted on federal fraud charges after prosecutors said he lured $4 million from investors.

The Associated Press reports Gene Hinsley was indicted Wednesday on 10 felony counts, including wire fraud and interstate transportation of stolen property.

Prosecutors said more than 100 investors lost up to $2 million when Hinsley allegedly offered low- and no-risk opportunities to invest in silver. Prosecutors argue Hinsley used that money to pay off earlier investors and cover personal expenses.