Westley Judy Pollard Jr. is behind bars being arrested in Beaumont Wednesday morning and charged with 11 counts of mail fraud in East Texas.
According to information from the Department of Justice, Pollard was a salesperson from 2011 to 2016, dealing with rare and precious coins.
While he was working as a salesman, he was employed by several different coin companies in Beaumont and the surrounding area, where he sold coins to individual investors.
Early in 2014, Pollard started to contact customers he had dealt with in the past and telling them he could locate a buyer for their coin collections at significantly higher prices than they originally paid, or that he could get their coins re-graded to a higher level of condition, increasing their value.
Under the direction of Pollard, the customers would let him take their coins so he could sell or re-grade them, and then return their money earned or re-graded coins to them.
Pollard told his customers to mail the coins to him using FedEx, or in some cases, he would take the coins directly from the customer.
After getting the coins from his customers, Pollard would then sell them to pawn shops or other coin retailers, at prices that were significantly lower than what the investors originally paid, and without their consent, using those proceeds for his own benefit.
Using his scheme, Pollard got four customers to send him their coins, approximately valued at a combined amount of $5,480,000.
If he is convicted, Pollard will face up to 20 years in federal prison.