Suspect pleads guilty in gold hunting scam

By: NewsCenter 16 staff Email
By: NewsCenter 16 staff Email

A man has been charged for running a gold hunting scam, swindling investors out of $1.3 million.

Freeman “Buck” Reed and Gary Degler reportedly took money from investors, claiming they had access to gold that the Japanese military left in the Philippines during World War II. There was no gold.

Reed, who once lived in St. Joseph, Mich. resident, is accused of investing the stolen money in a pair of snowmobiles and in upgrades to his former home in St. Joseph.

The Herald Palladium Reed pleaded guilty to the fraud charges and faces up to 20 years in prison. He will be sentenced in June.

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