3 LI Coin Dealers Bilked In $330K Scheme, Prosecutors Say

OYSTER BAY, NY — A Fort Salonga coin dealer has been accused in a $330,000 coin consignment and sales scheme in which he bilked several coin dealers and private collectors out of money, gold and collectible coins under the guise of legitimate coin deals, prosecutors said. The scheme involved Oyster Bay, Melville and East Islip, as well as multiple other states, Nassau County prosecutors announced Thursday. Coin dealers and private collectors were targeted in Long Island, California, Michigan and Ohio.

Harold Adamo, 53, was arrested Tuesday and charged with grand larceny and scheme to defraud — both felonies — as well as misdemeanor counts of issuing a bad check. His bail was set at $100,000 bond or cash and was expected in court Friday. If convicted, Adamo could face up to seven years in prison.

Adamo bilked seven customers out of hundreds of thousands of dollars from April 2017 through March 2019, Madeline Singas, the Nassau County district attorney, said in a news release.

"Adamo allegedly took advantage of long-term business relationships and stole rare collectibles and cash," she said. "This investigation is ongoing, and we encourage anyone who may have been defrauded to contact our Financial Crimes Bureau."

Adamo solicited money from clients whom he had promised rare collectible coins to but never delivered, prosecutors said. He would also buy several coins from dealers and then issue bad checks, or negotiate for coins under a bogus promise to pay later, authorities said. The clients would then never receive payment for the merchandise, and Adamo would come up with excuses and lies as to why he wasn't answering their communications, prosecutors alleged.

In all instances, the clients never got their money or property back.

In Oyster Bay, a coin dealer who had a 25-year relationship with Adamo was told in August 2018 that Adamo had a buyer for 18 ounces of gold and rare 1837 dime. Adamo took the items and promised to send the coin dealer a check, prosecutors said. When Adamo returned later that month and submitted a check for nearly $39,000, the check bounced, prosecutors said. Adamo later stopped communicating with the dealer.

That same month, Adamo bought six Canadian Maple Leaf 1-ounce coins with a check for more than $7,300, prosecutors said. He returned later that month and bought 22 Krugerrand 1-ounce gold coins with another check for more than $27,oo0. Both checks also bounced, prosecutors said, and Adamo stopped communicating with the dealer.

Adamo met most of the dealers through so-called "coin symposiums" over the internet, which are chat rooms for the coin-dealing community. He was also known to coin dealers and the public through coin shows and websites.