Paul is scheduled to order prison time for Hughes, a felon who personally took more than $750,000 of his clients’ money to run his business, buy drugs and gamble. attorney in Minnesota prosecuted the owner of one of the state’s largest coin telemarketing firms for investment fraud.
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After the Star Tribune published a series about abuses in the industry in 2011, the Legislature instituted reforms and the U.S. The industry rapidly filled with smooth-talking drug users and drunks who would say and do nearly anything to make a sale. The nationwide telemarketing of precious metals and coins began in the Twin Cities in the mid-1970s and grew to about three dozen firms. “To trust anybody now is something we don’t do,” he said. Learning that they’d been swindled took a toll financially and emotionally, Dado said Friday. He took them to dinner and offered to help protect their meager savings. Ken Dado said Hughes knew he and his wife didn’t have much money and treated them like his parents when soliciting them to buy coins. He said they could use the $9,000 that was stolen from them by Tory Hughes, the former owner of Reputable Rare Coins in Roseville.
Whatever the courts do, said Ken Dado of Balsam Lake, Minn., it won’t restore people like him.ĭado is a retired teacher struggling to make ends meet on a fixed income as he cares for his wife, Carol, who has brain cancer. With the Great Recession and the gold craze it spawned receding into history, federal judges are finally getting ready to mete out prison time to three former coin dealers in the Twin Cities who stole the savings of mostly elderly investors around the country.
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