A big-time Dallas gold dealer may be out $1.2 million in stolen gold coins following an unfavorable court ruling.
Dallas gold coin and precious metal dealer Dillon Gage was the victim of an elaborate gold coin theft, according to court reports.
In January of 2018, a thief, who had swiped someone's ID, placed two orders for gold coins worth an estimated $1.2 million. The thief used stolen checks to pay for the coins.
The delivery was made and the thief had his loot. By the time the victim of the ID theft learned of it and put a stop to the check, the crook was long gone.
Dillon Gage filed insurance claims, but those were denied. A US district court judge has ruled Dillon Gage's insurance policy doesn't cover fraudulent checks.
And now, in guidance to a federal appeals court, the Supreme Court of Texas has clarified state law siding with the insurance company. If the appeals court goes along, Dillon Gage will take the hit.
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