4 charged in $800K advance fee scheme

NEWARK, N.J. (AP) - Three men from New Jersey and one from Nevada are accused of bilking two people out of $800,000 through an advance fee scheme.

Federal prosecutors have charged 54-year-old Harold Mignott of Voorhees, 64-year-old James Adkins of Hillside, 43-year-old Jerrid Douglas of Freehold and 44-year-old Roy Gillar of Las Vegas with conspiracy to commit wire fraud.

Prosecutors allege the men falsely stated their company could provide a "standby letter of credit" backed by Mexican gold bonds so a company could purchase gold oversees and sell it to gold refineries. The letter is a guarantee of payment issued by a bank should a client fail to fulfill its contract.

Authorities say the men bought luxury cars and watches and made mortgage payments with the cash.

It's not known if they have lawyers.

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