Coin dealer admits fraud, forfeits $3M

TAMPA — Tampa coin dealer Mark Yaffe, 55, pleaded guilty to one count of conspiracy to commit bank fraud, according to a statement from the U.S. Attorney's office.

A sentencing date has not been set. Yaffe faces a maximum penalty of five years in federal prison, the U.S. Attorney's office says.

According to the plea agreement, prosecutors say Yaffe signed loan agreements with Sovereign Bank for $35 million as the vice president and principal of National Gold Exchange. The Tampa-based company specialized in the warehousing, sale and distribution of rare coins, and the company's assets were used as collateral for the loan.