More than seven years in prison await Freeman "Buck" Reed, a former St. Joseph resident convicted of a fraud scheme involving gold in the Philippines. Reed was sentenced to 87 months behind bars this week in federal court in Grand Rapids, and will have to pay $1.3 million in restitution to his victims and another half-million dollars to the IRS. He was convicted of failing to file income tax returns along with the fraud scheme. In the latter, Reed swindled people by claiming he could recover "Yamashita's gold," which is a legendary gold hoard rumored to have been left behind by Japanese soldiers defeated by the U.S. Army at the end of World War Two. He admitted he cooked up the scheme after the failure of a direct marketing business, and used the money from investors to keep up appearances that he was wealthy.
WebReadyTM Powered by WireReady® NSI