Man convicted of stealing collectible coins for drugs
POSTED: Friday, July 4, 2014 - 11:30am
UPDATED: Friday, July 4, 2014 - 2:50pm
Ledbetter admitted to exchanging collectible coins at automated coin machine
Las Cruces, NM (KTSM) — An El Paso man was found guilty of third-degree felony theft in a Dona Ana County court Wednesday evening after stealing thousands of dollars worth of collectible coins from his boss six years ago.
Richard Ledbetter, 58, was reportedly hired six years ago by an Anthony man to do yard work and maintenance around the his home. Over the course of approximately eight months, Ledbetter was able to locate the man's extensive coin collection, which the man had been amassing for 40-years.
The initial value of the entire collection was estimated at about $250,000 but was later determined to be worth approximately $80,000.
Ledbetter told investigators that he was a drug and alcohol addict and stole the coins and took them to an automated, self-service coin processing machine to exchange for paper money that he used to buy drugs and alcohol.
Ledbetter was convicted Wednesday and was immediately booked into the Dona Ana County Detention Center where he is being held without bond pending sentencing.