Grass Valley business owner charged with selling counterfeit gold |

Grass Valley business owner charged with selling counterfeit gold

The owner of Grass Valley Gold and Silver was arraigned in Superior Court Wednesday on three felony counts of possessing and selling counterfeit gold, according to a release from the Nevada County District Attorney’s Office.

Gregory Arnoldi, 46, was booked by the Nevada County Sheriff’s Office and released after posting bail, which was set at $100,000.

According to the release, the victims filed a complaint with the District Attorney’s office in December 2014, stating they’d purchased $175,500 worth of gold bullion bars from Arnoldi at his Mill Street business on two different dates in April of 2014. The victims discovered the bars they purchased were fake when they tried to redeem them at another dealer.

District Attorney Cliff Newell encouraged anyone with information about additional fraudulent transactions with Grass Valley Gold and Silver to contact the District Attorney Investigation Bureau, 530-265-1301, or the Grass Valley Police Department, 530-477-4600.

To contact Staff Writer Emily Lavin, email or call 530-477-4230.

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