Coin dealer admits fraud, forfeits $3M

TAMPA — Tampa coin dealer Mark Yaffe, 55, pleaded guilty to one count of conspiracy to commit bank fraud, according to a statement from the U.S. Attorney's office.

A sentencing date has not been set. Yaffe faces a maximum penalty of five years in federal prison, the U.S. Attorney's office says.

According to the plea agreement, prosecutors say Yaffe signed loan agreements with Sovereign Bank for $35 million as the vice president and principal of National Gold Exchange. The Tampa-based company specialized in the warehousing, sale and distribution of rare coins, and the company's assets were used as collateral for the loan.

But the U.S. Attorney's office says Yaffe falsely inflated the value of National Gold Exchange's assets by reporting false sales to the bank.

Yaffe transferred more than $3 million out of the company's accounts that were the bank's collateral. Under the plea agreement, Yaffe has agreed to forfeit that amount.