- A Colorado man has claimed that he converted $500,000 in life savings into gold in May – and threw the lot away. Earl Ray Jones, 52, told a court in July that he threw the treasure into a dumpster behind a Colorado Springs motel to prevent his wife of 25 years getting her share in their divorce settlement.
Jones supplied bank records to prove that the money was indeed converted into gold by a Phoenix, Arizona precious metals dealer. ‘Damn right I did,’ The Gazette reports the 52-year-old former defense contractor huffed at a July deposition.
There were no witnesses to the disposal, said Jones, and he did not take any steps to document it. Jones has been held at the Teller County jail since his September conviction for menacing his now-estranged wife. He is due to be sentenced November 4 for beating his wife and holding her captive in their home during a fight over what The Gazette reports was finances.
The company told The Gazette that under gold prices at the time, $500,000 would have fetched about 22lb of gold. April Jones' divorce attorney, John-Paul Lyle told The Gazette, 'We say that when people are divorcing, they enter a state of temporary insanity. But on a scale of 1 to 10, this is my 10.'
Colorado Springs attorney Phil Dubois told The Gazette that it's unlikely Jones would have sacrificed the money. 'Based on normal human conduct, one would believe that it's out there somewhere, and that he knows where it is,' Dubois said.