Global Bullion Exchange Founder Pleads Guilty to $30 Million Ponzi Scheme

A south Florida man entered a guilty plea to operating a Ponzi scheme that ultimately raked in $30 million under the guise of a precious metal trading firm.  Jamie Campany, 47, pled guilty to one count of wire fraud and one count of mail fraud, which each carried a maximum prison sentence of twenty years along with criminal penalties and the possibility of restitution.  However, a maximum sentence is not anticipated, as Campany has been cooperating with prosecutors since his arrest in late June.

As covered by Ponzitracker, Campany was charged in late June with nine counts each of wire fraud and mail fraud  for his operation of several South Florida precious metal investment firms.  From 2007 to 2009, these entities, including Global Bullion Exchange, promised investors above-average returns in precious metals as prices of various metals such as gold and silver rose rapidly in value.  The companies purported to purchase the metals and store them in secure locations.  Ultimately, more than 1,400 investors entrusted nearly $30 million to Campany's companies.  Instead, minimal amounts of the precious metals were purchased.  The majority of the funds were used to pay returns to old investors.  

Sentencing is currently scheduled for October 28 before United States District Judge James I. Cohn.