When investigators went into the vault where Robert Higgins claimed he kept half a million of his customers’ silver coins, all they say they found were empty boxes filled with IOUs.
Investigators with the Commodity Futures Trading Commission say the empty vault was the result of a complex coin-leasing scam in which Higgins claimed he was buying and storing American Eagle coins but pocketed tens of millions of dollars of investors’ money instead.
According to court filings, the scam dated back to 2014 and continued through 2022, during which more than 200 investors were allegedly defrauded out of $113 million in money they had given Higgins, purportedly to buy silver coins. The “Maximus Program” would then offer customers a lease payment of as much as 20 cents per coin to allow Argent the right to use them for short-term sales with the guarantee the coins would be replaced.
After the CFTC suit was filed in 2022, the court ordered an administrator to take over the operation. When investigators entered the vault, they discovered that more than 500,000 silver coins and 9,000 gold coins that were supposed to be there were, in fact, missing. In their place were rows and rows of boxes assigned to customers that contained little more than IOUs, according to court papers.
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