NEW YORK (AP) — Three Florida men who operated an investment scheme through a precious metals company have been indicted in New York City on charges they defrauded scores of investors out of millions of dollars.
Manhattan District Attorney Cyrus Vance said Tuesday Sean Robert Stropp, Karl Spicer, Ricardo Garcia and PMCO Services Inc. were charged with grand larceny and violation of the Martin Act among other charges.
He says the three men pretended to work on Wall Street, in all obtaining about $8 million from 150 investors to buy metals like silver bullion and steering them to risky transactions.
Garcia pleaded not guilty and was held on $150,000 bond; the corporation defendant also pleaded not guilty. Stropp and Spicer have not been arraigned. Garcia's lawyer didn't immediately return a call for comment.