A Texas man posing as a coin broker was convicted on April 6 of stealing a gold coin collection belonging to an elderly Santa Cruz couple.
Donald Scott Rainey, who operated out of Beaumont, Texas as Vintage World Coin, was convicted of first degree burglary, elder financial abuse and embezzlement.
Rainey and partner Christopher Wayne Roberts promised the couple they would have the coins certified and then sold for ‘the best price possible,’ according to the Santa Cruz County District Attorney’s Office. Instead, Rainey and Roberts kept the coins and the proceeds for themselves.
Assistant District Attorney William Atkinson said he is seeking the maximum term allowed by law for the crimes that Rainey committed against the elderly victims. He stated it was clear to him that both Rainey and Roberts targeted elderly coin collectors largely due to their vulnerability.
"We feel that when Mr. Rainey is sentenced, he will be held fully accountable for the crimes that he has committed; that this prosecution underscores my ongoing commitment to protect the citizens of Santa Cruz County from criminals who commit fraud, especially when it involves our elderly citizens," said District Attorney Jeff Rosell.
Elderly collectors in Gresham, Oregon; Orinda, California; Kingman, Kansas; Proctor, Colorado and El Paso, Texas also reported that Rainey and Roberts took their gold coin collections under similar circumstances, the District Attorney’s Office said.
Rainey is scheduled to be sentenced on April 27 in Department 6 of the Santa Cruz County Superior Court by Judge Stephen Siegel.
The above represents why you need to know your dealer and other collectors. A great reason to join a club and become known to those that buy and sell. Also, the “known” will be less likely to rip you off.