A Texas retiree has filed a lawsuit against a network of Long Island coin dealers accused of participating in a telemarketing fraud scheme in violation of the Racketeer Influenced and Corrupt Organizations Act (RICO) and New York law.
The complaint filed by plaintiff Joseph Siblo, a 77-year-old retiree from Texas, names Austin Coins, Inc., Austin Lloyd, Inc., and several individuals and entities allegedly connected to these companies. The lawsuit asserts that Austin Coins and its associates engaged in deceptive telemarketing practices targeting elderly customers. According to the complaint, the defendants operated as part of what is referred to as the "Austin Lloyd Enterprise," a racketeering organization that allegedly defrauded seniors through coin sales. Siblo claims he was induced to exchange a valuable coin collection for fifty modern silver bullion coins that were misrepresented as highly valuable. He also alleges that ten additional coins he sent were converted into cash by the defendants without compensation.
The complaint states that key individuals, including Patrick J. White and Eric P. Lesak (also known as “Mike Todd”), used misleading sales tactics to carry out the scheme. These tactics allegedly included manipulating market values and making false assurances about returns on rare coin investments. The complaint references prior cases against Austin Lloyd that reportedly demonstrate a recurring pattern of targeting elderly victims across several states.
Siblo seeks actual damages exceeding $87,924.29, as well as consequential, exemplary, and treble damages under RICO, statutory damages under New York General Business Law § 349, pre- and post-judgment interest, attorneys' fees, litigation expenses, and costs.
The case was filed in the United States District Court for the Eastern District of New York under Case No. 2:25-cv-02821.