Former Coin Salesman Gets 2 Years For Role In $40M Scam

Law360, New York (February 7, 2017, 1:14 PM EST) -- A Brooklyn federal judge sentenced a Long Island man to two years in prison Tuesday for his sales role in a $40 million con that bilked 1,500 investors by promising them profits if they purchased rolls of Benjamin Franklin half-dollar coins, capping a prosecution that commenced in 2008.

U.S. District Judge Sterling Johnson Jr. credited Thomas Arnold's actions since he pled guilty in 2010 to a count of conspiracy to commit mail fraud, but turned aside a defense request for a probationary sentence.

"This is such a heinous crime," the judge said.

Judge Johnson cited a famous quote by Franklin himself,...

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