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April 29, 2014

Gold Broker Charged in $1.74 Million Fraud Case

Filed under: California Defense Attorney — fayarfa @ 4:52 am

Prosecutors have charged the owner of Discount Gold Brokers, a business that buys and sells gold bullion and coins, with 50 felony counts for allegedly defrauding 25 victims whose losses totaled more than $1.74 million, the Los Angeles County District Attorney’s Office announced.

Deputy District Attorney Gregory Alker of the Consumer Protection Division said Michael Berman (dob 5/10/60) of Canyon Country pleaded not guilty to all charges today in Department 30 of the Foltz Criminal Justice Center

Berman surrendered today after a felony complaint for arrest.  warrant was filed April 15.

He is charged in case BA423337 with 25 counts of grand theft of personal property and 25 counts of false and fraudulent claim. The charges include excessive-taking allegations of more than $1.3 million.

Prosecutors allege that Berman failed to deliver any of the gold or made only partial deliveries.

The case remains under investigation by the Los Angeles County District Attorney’s Office and the California Department of Business Oversight, an agency that regulates the gold industry.

If convicted as charged, Berman faces a maximum sentence of 27 years in state prison. Bail was set at $900,000 and Berman’s next scheduled court date is May 2.

Los Angeles County District Attorney’s Office / case BA423337 /April 25, 2014

13 Comments »

  1. Any follow-up re Discount Gold Brokers, Michael Berman, scheduled May 2, court hearing?

    Comment by M Trickel — May 7, 2014 @ 2:51 pm

  2. Berman plead guilty on 05/15/14, before any trial and only received a sentence of 4yrs and 4mos. What happened to the potential 27Yrs? This criminal enterprise had many participants, and was an ongoing conspiracy to defraud its victims… This is only the State of California… What about all the other charges from the other states, and even out of the country victims?

    Comment by Lorraine G — May 17, 2014 @ 1:59 pm

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  6. Is this the same Mike Berman of Outside Ventures:

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