Make us your home page
Instagram

Sovereign Bank: "Significant fraudulent activities" led to the 2009 collapse of Tampa's National Gold Exchange

Tampa's National Gold Exchange is heading for bankruptcy liquidation next month, but the world-renowned coin wholesaler might not escape creditors so cleanly. In making a play for National Gold's assets this week, top creditor Sovereign Bank maintained that "significant fraudulent activities" led to the 2009 collapse of the company owned by coin dealer Mark Yaffe. Sovereign alleges that rare coins pledged as collateral for a $36 million business loan turned up missing. Yaffe was accused of pouring corporate assets into a 29,000-square-foot mansion in Tampa's Avila community. Creditors gather April 8 to pick over the company's husk. Yaffe has resumed business under the name Phoenix Gold. With the word "fraud" being bandied about, Yaffe also retained a criminal defense attorney.

Sovereign Bank: "Significant fraudulent activities" led to the 2009 collapse of Tampa's National Gold Exchange 03/17/10 [Last modified: Wednesday, March 17, 2010 5:29pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. U.S. economy gathers steam in second quarter

    Business

    WASHINGTON — The U.S. economy revved up this spring after a weak start to the year, fueled by strong consumer spending. But the growth spurt still fell short of the optimistic goals President Donald Trump hopes to achieve through tax cuts and regulatory relief.

    A government report released Friday showed economic output picked up in the second quarter. 
[Associated Press file photo]
  2. Founder of Tampa home sharing platform questions Airbnb, NAACP partnership

    Business

    TAMPA — A Tampa rival to Airbnb, which was launched because of discrimination complaints on the dominant home sharing platform, has concerns about the new partnership between Airbnb and NAACP announced this week.

    Rohan Gilkes poses for a portrait at his home and business headquarters in Tampa. 

Innclusive, a Tampa-based start-up, is a home-sharing platform that focuses on providing a positive traveling experience for minorities. [CHARLIE KAIJO | Times]
  3. Appointments at Port Tampa Bay and Tampa General Medical Group highlight this week's Tampa Bay business Movers & Shakers

    Business

    Government

    Port Tampa Bay announced that Jamal Sowell has been named director of special projects. Sowell, a former member of the U.S.Marine Corps, will support internal, external and special projects, assist the executive team with management oversight and serve as a liaison on a variety of port …

    Port Tampa Bay announced this week that Jamal Sowell has been named director of special projects. [Handout photo]
  4. Drones restrictions coming at Tampa Bay area airports

    Airlines

    Starting Sept. 1, Tampa International Airport officials will be enforcing new height restrictions for drones and other unmanned aircraft systems, according to a press release.

    In this February 2017 file photo, a drone flies in Hanworth Park in west London. Starting Sept. 1, Tampa International Airport officials will be enforcing new height restrictions for drones and other unmanned aircraft systems,
[John Stillwell/PA via AP, File]
  5. Gov. Scott backs off boycott of companies doing business in Venezuela

    State Roundup

    TALLAHASSEE — Gov. Rick Scott will ask the Florida Cabinet next month to prohibit the state's investment managers from doing something they already do not do: invest in companies or securities owned or controlled by the Venezuelan government.

    Florida Governor Rick Scott interacts with people as he holds a Venezuelan Freedom Rally at El Arepazo 2 restaurant on July 10 in Miami. [Joe Raedle | Getty Images]