Identity Theft Suspect Goes for Gold
posted 8:17 am Thu March 06, 2008 - GAITHERSBURG, Md.
Investigators say the thief used false identity documents to pose as a homeowner and withdrew an undisclosed amount of money from the victim's home equity line account at the SunTrust Bank branch on Muddy Branch Road in Gaithersburg. "We're talking about a very substantial amount of money he got away with," said Montgomery County police spokesperson Melanie Hadley.
The withdrawals were made in December 2006 and November 2007.
Investigators say the thief then went to the Gaithersburg Coin Exchange, where he used the cashier's check to purchase various gold coins.
"Walking around like he wasn't really sure what he was going to get, he was as normal as the guy next door," recalled the coin exchange's Marc Watts.
According to Watts, the man bought at least $100,000 worth of old $10 and $20 gold U.S. Liberty coins, which are worth $500-$1,000 a piece Thursday. On a second visit, the man bought several thousand dollars in gold Canadian Maple Leaf coins, worth $1,000 a piece.
"This is the transaction that I remember ... the maple leafs because there were a lot of them."
Watts says turning the money into coins would make it harder for police to track him.
"This put him in a complete liquid position ... [the coins are] negotiable anywhere in the world, be it here or abroad," he said.
Investigators released surveillance pictures of the man they say stole the money.
He was described as white, about 5'10", 250 pounds, with receding brown hair, and glasses.
Anyone with information is asked to contact the Montgomery County Police Financial Crimes Section Detective Susan Mercer at 240-773-6340 or the Montgomery County Police non-emergency number at 301-279-8000. Callers may remain anonymous.
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