Tory Hughes Sentenced To 71 Months In Prison For Defrauding Elderly Victims In Coin Fraud Scheme
United States Attorney Andrew M. Luger today announced the sentence of TORY EVAN HUGHES, 45, to 71 months in federal prison for stealing more than $700,000 through a gold and coin investment scheme. HUGHES was indicted on August 6, 2014, and pleaded guilty on October 8, 2014. He was sentenced today before United States District Court Judge Richard Kyle.
According to the defendant’s guilty plea and documents filed in court, from August 2009 through September 2010, the defendant owned and operated Reputable Rare Coins, LLC (“RRC”), located in Roseville, Minnesota. HUGHES claimed to buy, sell and trade gold, silver and other coins. To generate business, the defendant made unsolicited phone calls primarily to elderly individuals in an effort to encourage them to purchase or exchange coins at RRC.
According to the defendant’s guilty plea and documents filed in court, HUGHES received more than $600,000 in coins and cash from at least nine victims in Minnesota and elsewhere, including one victim who mailed $50,000 to RRC. However, instead of reimbursing the victims—some of whom had sent him their life’s savings—HUGHES told his customers that he was having ongoing issues with coin suppliers and instead used the victim’s money to fuel his gambling addiction and pay for personal expenses.
According to the defendant’s guilty plea and documents filed in court, in May 2013 HUGHES incorporated a new business, U.S. Collectables, in Gilbert, Arizona. Between May 2013 and May 2014, HUGHES used U.S. Collectables to defraud more than $100,000 from at least six victims who expected to receive money or coins from HUGHES.
“These victims have suffered immeasurably as a result of HUGHES’ callous behavior,” said Assistant U.S. Attorney Karen B. Schommer. “HUGHES lied to them, gave them false hope and gambled away their life’s savings. I hope that the victims find some measure of comfort in today’s sentence.”
This case is the result of an investigation conducted by the United States Postal Inspection Service and the Roseville Police Department.
This case was prosecuted by Assistant U.S. Attorney Karen B. Schommer.
TORY EVAN HUGHES, 45
- Mail fraud, 1 count
- 71 months in prison
- $753,203.83 in restitution
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United States Attorney’s Office, District of Minnesota: (612) 664-5600