CAMDEN — A North Wildwood man pleaded guilty to theft of government property and tax evasion.
William Gray, 64, a former police officer for the U.S. Mint in Philadelphia admitted to stealing $2.4 million worth of “error” coins and selling them to a coin distributor in California.
From June 1996 through Jan. 2011, Gray was employed as a police officer at the U.S Mint in Philadelphia. According to a report from the U.S. Attorney’s Office, beginning around 2007, Gray regularly took several small bags to the coining area, where Presidential $1 coins were made. The minting of these coins is a two-step process; the initial stamping imprints the obverse side of the coin (heads) and reverse side (tails), and a second stamping imprints the edge lettering.
Gray said he took Presidential $1 coins with the missing edge lettering because they would be considered more valuable to coin collectors.
He admitted he smuggled the error coins out of the Mint and eventually shipped them to a coin distributor in California from the Rio Grande Post Office, or from a Fed Ex location in Egg Harbor Township.
Gray admitted to receiving approximately $2.4 million for the error coins. The coin distributor sent all the payment checks by Fed Ex to Gray’s North Wildwood residence. Gray admitted that he deposited the money into his Police and Fire Federal Credit Union account.
Gray also admitted that between 2007 and 2009 he failed to report the sale of the coins on his income tax return, thereby understating his tax liability by over $800,000.
Gray remains free on $50,000 bail. Sentencing is scheduled for Dec. 20, 2011.
The U.S. Mint has advised that it has implemented measures to improve security within all its facilities.
Cape May – I am enjoying the meltdown from so many Leftists on president elect Trumps picks for his cabinet and their stating that he is bringing on people with zero experience in government. Yes, you nailed it…
