Cache of Classic Coins Alleged To Be Proceeds Of Crime

Allegedly, one of the biggest coin collections in Michigan was built from the proceeds of Medicare fraud.

The Detroit News: Detroit area doctor could forfeit coin trove worth millions in fraud case

A West Bloomfield neurologist who reaped millions by allegedly cheating Medicare spent more than $9.3 million on baseball cards, ancient coins, collectable currency and stamps — a rare collection he could soon lose to the government.

Dr. Gavin Awerbuch amassed the collection — including coins from ancient Rome — using cash generated by an alleged five-year crime wave, according to federal court records that offer rare insight into the secretive world of coin collecting. At the upper end, the world is filled with hobbyists who, due to security concerns, protect the scope and value of their prized possessions.

This doctor is a very serious collector or investor, spending millions on coins. In a five year period he spent more than $9.3 million at 16 coin and collectible dealers.

Apparently the Feds have already seized millions of dollars from him along with the coins and real estate.

It will be interesting to see how the case works out and what happens to this impressive collection.