A Los Angeles-area man has been arrested and charged for his role in an alleged $7 million investment fraud scheme involving a mining waste byproduct known as “ancient slag.”
Michael Godfree, of Eagle Rock, Calif., was arrested on a seven-count indictment returned by a federal grand jury April 19 and unsealed April 23. He allegedly made misrepresentations about ancient slag and whether precious metals could be easily extracted from it.
Godfree is accused of telling more than 100 victim-investors that his company, The Minerals Acquisition Company, had a means of easily taking valuable metals from copper mining waste.
“Godfree’s scheme ...
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