Tampa Bay Coin Dealer Faces Federal Prison. What Happened Next Will Surprise You
Mark Yaffe was vice president of National Gold Exchange Inc. This company sold and traded rare coins out of a warehouse. Mark Yaffe had a loan agreement with Sovereign Bank and used National Gold's assets as collateral.
Yaffe was accused of providing bogus reports to Sovereign Bank by falsely inflating the value of assets. A National Gold Exchange employee claims he was told to lie about the bogus reports to Sovereign.
Mark Yaffe's Avila estate has also sold at a low-end price. The house was originally priced at $25 million but instead sold at $5.58 million. Talk about a huge decrease in price! That's a 78 percent drop in the original asking price.
The sentencing date has not been set yet but is expected to be released soon.
Just two years ago, National Gold Exchange was viewed as Tampa Bay's success story. Back in 1997, the company was ranked amount the top 10 dealers in the entire nation by Tampa Bay Business. The company ended up filing for bankruptcy and in 2013 Yaffe's prize estate was foreclosed by the bank.