Michael Romano gets 20 years in collectible coin scam


Michael Romano, 47, was convicted of conspiracy to commit mail and wire fraud and money laundering in connection with a telemarketing scheme he operated for 11 years out of three Long Island companies, officials said. Romano’s salesmen used high-pressure tactics to defraud the 1,450 victims by selling them supposedly rare coins at vastly inflated values, officials said.

U.S. District Judge Sterling Johnson in Brooklyn also ordered Romano to repay victims more than $9 million and to forfeit $32.2 million in gains the scheme made. Romano’s salesmen bullied the victims, “confusing and abusing elderly people,” federal prosecutor Lara Treinis Gatz said when Romano was arrested in 2008.

Convicted felon and all around d-bag, Michael Romano will be wearing orange for the next 20 years for taking advantage of old people.

Convicted felon and all around d-bag, Michael Romano will be wearing orange for the next 20 years for taking advantage of old people.

Romano worked the scheme out of several Long Island companies from 1997 to 2008, including Atlantic Coin Galleries and Northeast Gold and Silver, both in Lindenhurst, and Wall Street Rare Coins in Massapequa, officials said.

“Michael Romano and those acting at his direction stole millions of dollars from the Greatest Generation,” Eastern District U.S. Attorney Loretta Lynch said in a statement.

“Romano took advantage of the trusting nature of hundreds of senior citizens across the United States by promising to sell them rare collectible coins, when in fact he was selling them nearly worthless change. Many of the victims purchased the coins in order to leave a legacy for their children and grandchildren.”

Gatz and federal prosecutor Christopher Ott, who tried the case, declined to comment after the sentencing. Romano’s attorney could not be reached for comment.

Michael Romano is the brother of Joseph Romano, who was convicted in January of a plot to murder prosecutor Gatz and U.S. District Court Judge Joseph Bianco.

Michael Romano had nothing to do with that plot, according to officials.

Joseph Romano, 50, also of Levittown, was seeking revenge because Bianco had sentenced him in February 2012 to 15 years in prison for operating a similar coin-fraud scheme in a case prosecuted by Gatz. Judge Bianco originally tried both Romano cases in Central Islip, but the cases were moved to Brooklyn and a federal judge from Manhattan was assigned to hear the murder plot to avoid the appearance of a conflict of interest.

The brothers had worked together in telemarketing coins, but split in 2001 and operated separate coin frauds, according to sources familiar with their activities.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s