AMARILLO, TEXAS -- A man was sentenced in federal court on Tuesday to 5 years in prison for stealing coin collections from senior citizens.
Michael D. Amato was sentenced by U.S. District Judge Mary Lou Robinson on one count of interstate transportation of stolen property, U.S. Attorney Sarah R. Saldaña said. He must also pay $603,500 in restitution to his victims in addition to the 60 month sentence in federal prison.
According to the investigation, Amato gained the trust of coin collectors and persuaded them to send in coins for appraisal, exchange or sale. In the end, he did not pay the victims for coins sent to him.
An example included an elderly resident from Tulia, Texas. The resident sent Amato 47 coins for appraisal and possible sale. Once the coins received, the investigation said Amato did not respond to letters or calls and did not pay the customer. Those coins were valued at $5,000.
More than $450,000 in rare coins were bilked from primarily elderly people in California, Nebraska, Pennsylvania and Texas, according to the indictment.
Amato must now surrender to the Bureau of Prisons on Feb. 21.
