Headlines

Jeweler Charged with Felony After Millions in Platinum Allegedly Disappears from Vault

Published

8 years ago

September 27, 2016

He’s pleaded not guilty.

Precious metals merchant Auramet put $4 million in precious metals, including platinum, in a Detroit vault — and got a shock when it went to retrieve the valuables.

In the platinum’s place were far less valuable materials, such as tin and copper, the Detroit Free Press reports.

For nine years, the company entrusted jewelry wholesaler Gregory Koukoudian with access to the vault. He’s now accused of switching out the metals over an unknown period.

Koukoudian stands charged with a felony count of wire fraud. He has entered a plea of not guilty, according to the Free Press.

If he’s convicted on the federal charge, he could be looking at a sentence of up to 20 years behind bars.

Koukoudian was supposed to take out platinum, “mix the platinum into an alloy that could be more easily sold as jewelry eventually, and then deposit the alloy back into the vault,” the Free Press reports.

Read more at the Detroit Free Press

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