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Palm Beach County scammer to testify at Senate aging committee today

by Laura Green | April 30th, 2014

Karl Spicer, a convicted conman from Boynton Beach, will testify Wednesday about how he and his partners scammed millions from victims they convinced to invest in gold, silver and other precious metals.

In such scams, investors often think they are making a safe investment, buying the metal, and even paying to store it. In reality, the investor typically buys futures at bad rates and loses money when there was a margin call.

This afternoon the Senate Special Committee on Aging, under the leadership of Sen. Bill Nelson, will hear from Spicer, a victim and other experts about a scam that they estimate has cost seniors, and others who were duped, more than $300 million.

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