Through this article we discuss about a new story of a British fraudster who sold worthless mining waste .To know about the complete story read the article fully.
A British fraudster who charged investors more than $8 million for “ancient slag” — worthless mining waste — was jailed in the US on Thursday.
Michael God free, 80, sold the tailings from copper mining by the ton, telling victims they contained valuable precious metals.
The Minerals Acquisition Company he co-founded in California provided “certificates of title” with each purchase of material he dubbed ancient slag, and pledged there would soon be a way of getting the precious metals out of the waste.
But the Department of Justice, which prosecuted God free, says no such commercially viable process exists, and — in any case — God free did not even own most of the slag he was selling.
“God free was nothing more than a glorified con man,” prosecutors wrote in a sentencing memorandum.”At bottom, God free was selling nothing more than worthless dirt (that he generally didn’t own) along with a non-existent ‘process’ to extract value from the dirt.”
Unsurprisingly, not a single victim-purchaser has ever seen any return on their purchase.”