Former broker pleads guilty to stealing more than $10 million from clients
Arizona Coin Collector
The link below has a photo slide show of the safe
and coins.
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FROM:
http://www.ksdk.com/news/local/story.aspx?storyid=167987
Former broker pleads guilty to stealing more than $10 million from clients
KSDK -- A former broker who kept millions of dollars
in gold and silver collectible coins in his basement
admitted Friday to stealing more than $10 million
from his clients for his personal use.
55-year-old Don Weir is the former vice president
of HFI Securities in Clayton. Weir admitted in
court that he used the millions he pilfered from
his clients to put his children through an
expensive private school and to do improvements
on his house.
Today he pled guilty to mail fraud in U.S. Federal
Court. As part of his plea deal, he must pay $13.7
million in restitution. He already surrendered $3.3
million in coins, money and precious metals to
authorities
Weir faces up to 20 years in prison and fines up
to $250,000 when he is sentenced July 10.
Countless valuable coins were found in the basement
of Weir's Chesterfield home in September. Weir had
urged his clients to invest in the coins. He would
then sell the coins without his clients knowing,
and keep the proceeds for himself. Weir would send
his clients fraudulent statements telling them
their coins were appreciating in value.
Weir's five children all attended the private
Westminster Christian Academy High School thanks to
those illegal proceeds. His family also enjoyed the
benefits of a pool and a state-of-the-art kitchen,
according to court documents.
Weir also donated some of the stolen money to
charity. He was also fond of baseball cards and
Korean War collectibles, both of which he indulged
in with his clients' money.
KSDK
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