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Mark Steven Yaffe


Principal owner of National Gold Exchange. Later he formed The Phoenix Gold Corporation.

He was charged with attempting to defraud a bank of more than $3 million in a bank loan. He pleaded guilty and was sentenced to 20 months in federal prison.

Yaffe lost his house in the bankruptcy. Initially valued at $25 million, it sold in 2014 for $5.58 million.

Some dealers who had been paid for coins by National Gold Exchange were asked to return those payments. This is referred to as “clawback” in a bankruptcy.

Source credit: Pete Smith, American Numismatic Biographies


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