Man says he tossed $500K in gold during divorce

COLORADO SPRINGS, Colo. - A 52-year-old man claims he tossed $500,000 in gold into a Colorado Springs trash bin so his wife couldn't have any of it during their pending divorce proceedings.

Earl Ray Jones of Teller County made the revelation in July during a sworn deposition with his wife's attorney, John-Paul Lyle. The Colorado Springs Gazette reports ( ) that bank records prove Jones converted the money to gold through a Phoenix precious metals dealer into a mix of coins and gold bars. But Lyle says only Jones can vouch to whether he threw away the gold.

Jones says he tossed the mix of coins and gold bars in a trash bin behind a Colorado Springs motel during several trips.

We say that when people are divorcing, they enter a state of temporary insanity," he said. "But on a scale of 1 to 10, this is my 10."

Jones is at the Teller County jail awaiting sentencing next month on a menacing conviction for hitting his wife and holding her captive at their home.

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