Chesterfield Man Embezzled $1.5M from Retirees

A Chesterfield resident employed by two local offices of Coral Mortgage Bankers Corporation was sentenced Friday in a scam that bilked a retired couple of $1.5 million in life savings.

David Rubin, 47, was sentenced to five years probation, six months home confinement, 200 hours of community service and must pay $1.2 million in restitution, according to the U.S. Attorney's Office.

Rubin, of Chesterfield, pled guilty to one felony count of wire fraud. 

The FBI and U.S. Secret Service investigated the case, with Rubin and Joshua Gould embezzling some $1.5 million between May 2007 and December 2010 from a retired couple who were solicited by Rubin to invest in alleged operating capital for the Coral company.                                 

The couple was led to believe their investment was held in trust, and they would receive interest payments. Rubin and Gould fabricated printed financial statements showing the money invested in a non-existent family charity and other fund.

Rubin took some $250,000 for himself, and Gould spent the remainder, authorities said on "personal expenses including car payments, mortgage payments, payment of substantial personal credit card bills, the renovation of his personal residence, jewelry, and adult entertainment including substantial expenses at the Penthouse Club and PT’s."

"Gould also used the money to finance start-up costs and operational costs of several business ventures including The Sports Nook, True  Hockey and Free Poker Experience.

Gould, 32, of University City, was sentenced in 2011 to 97 months in prison and must pay $4,323,092 in restitution to the victims.