Texas coin salesman sentenced to 3 years in prison

August 3, 2011 12:46:23 PM PDT
Delaware's attorney general says a Texas man has been sentenced to three years in prison for his role in a scam involving rare coins. Marcus Meehan was charged with selling coins in 2008 to a quadriplegic senior citizen in Delaware at a significantly inflated price. In addition to his three-year sentence, Meehan was also ordered to repay $200,000 in restitution. Attorney General Beau Biden announced the sentence on Tuesday.

Prosecutors say that the 40-year-old from Buna admitted that the coins were worth only 15 percent of what the investor paid. Meehan was indicted in April and later pleaded guilty to one count of theft over $100,000.

Meehan was working for a Texas company called American Eagle Reserve at the time he sold the coins to the Delaware investor.