Gold and Precious Metals

Sentencing Due for LA Man Linked to $8.4 Million Precious Metals Scheme

A Los Angeles man faces sentencing Thursday for running a scheme involving the sale of “ancient slag,” a mining waste byproduct that supposedly contained precious metals.

Michael Godfree, 80, of the Mount Washington neighborhood, pleaded guilty last year to a single mail fraud count, which carries a federal prison sentence of up to 20 years, according to the U.S. Attorney’s Office.

However, prosecutors agreed to recommend no more than 51 months imprisonment, according to Godfree’s plea deal, filed in Los Angeles federal court. At his sentencing hearing, he is expected to be ordered to pay $8.4 million in restitution to victims of the scheme.

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