"In reality, there was no gold".
Notice how the small time scammer gets 25 years, while the paper COMEX trades 400x the amount of underlying physical gold (per CPM Group's Jeffrey Christian)- without a mention of any problem whatsoever from any regulatory agency...nothing to see here, move along please!
If you don't hold it...you don't own it!
A federal judge next month will sentence the man who authorities say took advantage of the booming gold market, by scamming more than 1,400 people out of tens of millions of dollars.
But before he goes to prison, the mastermind of the scheme, Jamie Campany, sat down with ABC News' Chief Investigative Correspondent Brian Ross to reveal how he tricked his hundreds of victims out of nearly $30 million.
The most promising victims of the gold scam, Campany said, were spotted through Google earth satellite images. Campany and his team matched phone leads to addresses to find victims with the biggest homes, and therefore the most money to invest in gold and silver.
But in reality, there was no gold despite the legitimate-looking transaction papers from the Global Bullion Exchange -- a company that Campany said was "completely bogus."