ATLANTA (AP) — A Georgia man has been sentenced to nearly eight years in prison for trying to defraud dealers of nearly $1.2 million in diamonds and other jewelry.

U.S. Attorney Byung J. Pak, in a news release Dec. 3, said 32-year-old Cory Smith, of Atlanta, was sentenced to seven years and eight months in prison after pleading guilty to interstate transportation of stolen property. He also was ordered to pay more than $567,000 in restitution.

Prosecutors say Smith took advantage of the jewelry industry’s use of “memo financing,” a type of consignment arrangement where dealers borrow diamonds from a supplier and pay for them after selling them.

Smith would order merchandise and have it shipped to a jewelry store in Georgia. But after getting tracking information, he would have the packages rerouted.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Recommended for you

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.