A Newport Beach commodities dealer reportedly sold fugitive Martin R. Frankel about 3,000 pounds of gold shortly before the alleged scam artist fled the country, according to newspaper reports.
Frankel, who is accused of embezzling $215 million from several U.S. insurers, paid $10 million to Newport Beach-based Monex in exchange for the gold, the Greenwich Time in Connecticut reported, citing anonymous sources. Law enforcement authorities believe Frankel was attempting to launder his cash before he fled into a more universal currency, including gold and diamonds.
