Teacher Ordered to Face Trial on Gold-Scam Charges

A Santa Ana High School teacher was ordered Wednesday to stand trial on charges he defrauded students, fellow teachers and other investors with a gold futures scam.

Stanley Gordon, 54, a popular jewelry-making teacher for the past 22 years, appeared in Municipal Court in Newport Beach and waived his right to a preliminary hearing. An arraignment in Orange County Superior Court is set for Jan. 4.

Prosecutors say they believe Gordon bilked about 25 victims of more than $700,000, but have narrowed down the charges to 13 victims who lost more than $250,000. Deputy Dist. Atty. William L. Overtoom said Gordon will probably go to trial early next year.

Gordon has been depicted by law enforcement officials and former students as a crafty man with little regard for his victims. But defense attorney Robert D. Coviello said Wednesday that portrait is false.

“For every one person who says something like that, I have twice the number attesting to his good character and the fine things he has done for the community,” said Coviello, who said he wants to expedite his client’s trial.

He said his client also is the victim of a gold dealer who disappeared with money belonging to Gordon and other investors.

“There are some individuals who lost money, but there are also individuals who made more money than they lost, but are angry that some recent investments went bad,” Coviello said. “Mr. Gordon did not benefit from the result of any illegal activity or scheme,” he said, noting that his client recently filed for bankruptcy and cannot afford his $75,000 bail.

Gordon allegedly told his students and other investors that he operated a small gold refinery that allowed him to buy used or scrap gold at low prices, refine it and sell it for profit. Investors were urged to “roll over” their investments, officials said.

Police said the teacher disappeared with those investments in March and went to Europe.