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Canyon Country man pleads guilty in $2.39 million consumer protection case

Posted: May 15, 2014 5:39 p.m.
Updated: May 15, 2014 5:39 p.m.

A Canyon Country man pleaded guilty Thursday for his role in a $2.39 million consumer protection case involving the buying and selling of gold coins and bullion, according to the Los Angeles County District Attorney’s Office.

Michael Berman, 54, pleaded guilty to 82 felony counts, including grand theft of personal property and false and fraudulent claim, according to Deputy District Attorney Greg Alker in a news release from the District Attorney’s Office.

Berman, the owner of Discount Gold Brokers, was charged in a felony complaint for arrest warrant on April 15 and surrendered to authorities 10 days later.

Prosecutors alleged that Berman failed to deliver gold, or made only partial deliveries, to 41 victims.

Berman’s plea was not part of a negotiated agreement with the District Attorney’s office, according to officials.

He was sentenced to four years, four months in state prison and ordered to pay $2.39 million in restitution by Los Angeles County Superior Court Judge David Horwitz.

The District Attorney’s Office investigated the case along with the California Department of Business Oversight, an agency that regulates the gold industry.




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