Coin dealer accused of fraud reaches plea deal

An Excelsior coin dealer accused of scamming customers out of $2.5 million has reached a plea agreement with federal prosecutors.

Fifty-two-year-old David Marion owned International Rarities Corp., which bought and sold gold coins and precious metals. A federal grand jury indicted him for conspiracy, securities fraud and money laundering. Marion is accused of taking money and coins from customers and giving them nothing in return.

The St. Paul Pioneer Press says the U.S. Securities and Exchange Commission has also accused Marion of securities fraud. Marion faces trial in April 2014 on that case.

A sentencing date on the plea deal has not been scheduled.