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North Wildwood man pleads guilty to stealing and selling $2.4 million worth of coins from U.S. Mint
Published: Friday, September 09, 2011, 11:15 AM Updated: Friday, September 09, 2011, 11:17 AM
By Gloucester County Times Gloucester County Times
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CAMDEN — A North Wildwood man who worked as a police officer at the U.S. Mint has admitted stealing $2.4 million worth of error coins from the Mint and selling them to a coin distributor in California.
William Gray, 64, who sent the coins to the coin dealer through the U.S. Postal Service and FedEx and failed to pay taxes on the proceeds of the sales, pleaded guilty today to two counts of an Information charging him with theft of government property and tax evasion.
He entered his guilty plea before U.S. District Judge Noel L. Hillman in Camden federal court.
He remains free on $50,000 bail pending his sentencing, scheduled for Dec. 20.
According to documents filed in this case and statements made in court:
Between June 1996 and January 2011, Gray worked at the Mint.
Starting about 2007, Gray regularly took several small bags to the coining area, where Presidential $1 coins were made.
The minting of the coins was a two-step process, with the initial stamping imprinting the obverse (heads) and reverse (tails) images and a second stamping imprinting the edge lettering. Gray said he took Presidential $1 coins with the missing edge lettering, knowing they would be considered more valuable to coin collectors because they were considered “mint errors.”
He admitted he then smuggled the error coins out of the Mint and eventually shipped them to a coin distributor in California from the U.S. Post Office in Rio Grande or the FedEx location in Egg Harbor Township, according to authorities.
Gray admitted to receiving approximately $2.4 million for the error coins. The coin distributor sent all checks for payment by FedEx to Gray’s residence in North Wildwood.
Gray admitted the $2.4 million from the coin distributor was deposited into his Police and Fire Federal Credit Union account.
Gray admitted that between 2007 and 2009, he failed to report the sale of the coins on his income tax return. Gray admitted he understated his tax liability by approximately $801,651.
The theft of government property charge to which Gray pleaded guilty carries a maximum potential penalty of 10 years in prison and a $250,000 fine. The tax evasion charge carries a maximum penalty of five years in prison and a $250,000 fine.
Related topics: camden, north-wildwood
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North Wildwood man pleads guilty to stealing and selling $2.4 million worth of coins from U.S. Mint
Published: Friday, September 09, 2011, 11:15 AM Updated: Friday, September 09, 2011, 11:17 AM
By Gloucester County Times Gloucester County Times
Follow
0
Share close
Google Buzz Digg Stumble Upon Fark Reddit
Share Email Print
CAMDEN — A North Wildwood man who worked as a police officer at the U.S. Mint has admitted stealing $2.4 million worth of error coins from the Mint and selling them to a coin distributor in California.
William Gray, 64, who sent the coins to the coin dealer through the U.S. Postal Service and FedEx and failed to pay taxes on the proceeds of the sales, pleaded guilty today to two counts of an Information charging him with theft of government property and tax evasion.
He entered his guilty plea before U.S. District Judge Noel L. Hillman in Camden federal court.
He remains free on $50,000 bail pending his sentencing, scheduled for Dec. 20.
According to documents filed in this case and statements made in court:
Between June 1996 and January 2011, Gray worked at the Mint.
Starting about 2007, Gray regularly took several small bags to the coining area, where Presidential $1 coins were made.
The minting of the coins was a two-step process, with the initial stamping imprinting the obverse (heads) and reverse (tails) images and a second stamping imprinting the edge lettering. Gray said he took Presidential $1 coins with the missing edge lettering, knowing they would be considered more valuable to coin collectors because they were considered “mint errors.”
He admitted he then smuggled the error coins out of the Mint and eventually shipped them to a coin distributor in California from the U.S. Post Office in Rio Grande or the FedEx location in Egg Harbor Township, according to authorities.
Gray admitted to receiving approximately $2.4 million for the error coins. The coin distributor sent all checks for payment by FedEx to Gray’s residence in North Wildwood.
Gray admitted the $2.4 million from the coin distributor was deposited into his Police and Fire Federal Credit Union account.
Gray admitted that between 2007 and 2009, he failed to report the sale of the coins on his income tax return. Gray admitted he understated his tax liability by approximately $801,651.
The theft of government property charge to which Gray pleaded guilty carries a maximum potential penalty of 10 years in prison and a $250,000 fine. The tax evasion charge carries a maximum penalty of five years in prison and a $250,000 fine.
Related topics: camden, north-wildwood
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Share this story
Print Email Story tools
More stories in Gloucester County
Previous story
Today's Gloucester County Times front page, Sept. 9, 2011
Next story
Glassboro to hold open-air farmers' market Sunday
Copyright 2011 NJ.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. <img alt="" width="1" height="1">
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Most Comments Most Recent Gloucester County stories with the most comments in the last 7 days. 28Three injured when hot water boiler explodes at Manville home 18Burgeoning Kingsway and East Greenwich districts set for votes on expansion 10Franklin police officer admits to stealing $11,000 + 9Obama extends disaster declaration to 16 N.J. counties with damage from Hurricane Irene 8Family of autistic children ready to accept future, whatever it is
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What's this? Users with the most NJ.com comments in the last 7 days 99
rbcommittee 91
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FairfieldFox 79
DJ Jaws 71
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NJ.com user Zax Buzz He posted over 50 photos from the Hurricane Irene flooding in New Brunswick
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From Our Advertisers
• Tired of High Jersey Property Taxes! Luxury living just 90 minutes from NYC
• Click here for cars in and around 10 thousand dollars!
• Fellowship Village The Lifestyle You've Earned
Advertise With Us »
Popular Tags
What's this? camden camden-city clayton deptford deptford-township east-greenwich franklin-gloucester-county franklin-township-gloucester-county glassboro gloucester-county gloucester-township harrison-gloucester-county mantua monroe-gloucester-county monroe-township-gloucester-county paulsboro pitman swedesboro washington-gloucester-county washington-township-gloucester-county west-deptford west-deptford-township westville woodbury woolwich
