Gold Dealer Scam Alerts – Gold Goliath

Posted on :Apr 19, 2016

The US gold dealer industry is a shark tank and we had better know beforehand who we’re dealing with. Year after year, we speak with individuals who have been victimized by dealers using bait and switch tactics and other fraudulent schemes.  Today, many internet gold dealers lure victims in with ridiculously low prices on specific products, only to switch them into overpriced proof and collector coins. Businesses don’t stay in business selling products at cost.

This practice is rampant in our industry and as long as there are uniformed customers, it will continue indefinitely. We advise clients to educate themselves before committing to a transaction that may prove to be a very costly mistake. Just because a particular gold dealer advertises on FOX News or any other type of media for that matter, doesn’t mean they are trustworthy. If it sounds too good to be true, you know the rest of the story.

For your convenience we’re submitting a list of gold dealers who have been convicted of criminal wrongdoing, are in litigation, and/or agreed to pay substantial fines.

Bullion Bankruptcy, Fraud, Government Actions, etc.

Article from June 3, 2016

Discount Gold Brokers – Charged With Fraud – Customers Never Received Their Gold Or Silver After Sending In Money.

https://www.ftc.gov/news-events/press-releases/2016/06/ftc-charges-gold-silver-investment-scheme-fraud

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Article from April 19, 2016

Northwest Territorial Mint Files For Bankruptcy – $30 – $40 Million Owed Customers.

http://about.ag/NWTMint.htm

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Article from April 19, 2016

Bullion Direct Shut Down June 2015 –  Owes $25 Million Plus To Customers.

http://about.ag/BullionDirect.htm

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Article from Dec. 4, 2015

Seacoast Coin, Inc., formerly doing business as Merit Financial and Merit Gold and Silver fined $2 million.

http://newsroom.smgov.net/2015/12/04/city-attorney-obtains-2-million-judgment-in-false-advertising-case-against-coin-dealer-merit-financial

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Article from August 20, 2015

The Tulving Company Pleads Guilty To Defrauding Customers Of More Than $15 Million In Merchandise.

http://www.ocregister.com/articles/tulving-678720-company-coins.html

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Article from August 5, 2015

First American Monetary Consultants – Father and Sons Indicted On $18 Million Scheme.

http://www.memphisflyer.com/NewsBlog/archives/2015/08/05/father-and-sons-indicted-in-18-million-mystery-babylon-scheme

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Article From May 22, 2015

National Gold Exchange Agrees To Forfeit More Than $3 Million CEO Mark Yaffee Sentenced To Prison December 4, 2015. Mark Yaffee Sons Doing Business Now As Gainesville Coins.   

http://www.bizjournals.com/tampabay/news/2015/05/22/tampa-coin-dealer-mark-yaffe-pleads-guilty-to.html

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Article from May 19, 2015

Wife Of Accused Gold Dealer Arrested For Fraud – Grass Valley Gold And Silver –  Sold More Than $175,000 In Fake Gold Bars.

http://knco.com/wife-of-accused-fake-jeweler-arrested-for-welfare-fraud/

http://www.theunion.com/news/15340016-113/after-counterfeit-gold-arrest-nevada-county-residents-hurry-to-verify#

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Article from August 18, 2014

Wholesale Assets Worldwide, Dennis Charles Helmer, Charged With Fraud –  Accused Of Scamming Victims For Around $1.2 Million.

http://www.startribune.com/feds-in-minneapolis-charge-3-coin-dealers-with-coin-fraud/271765271/

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Article from February 22, 2013

International Rarities Corporation, David Marion, Indicted In $2.7 Million Fraud Scheme.

http://patch.com/minnesota/lakeminnetonka/excelsior-coin-dealer-indicted-in-2-7-million-fraud-scheme

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Article from February 23, 2012

Goldline International Agrees To Refund Up To $4.5 Million To Former Customers.

http://articles.latimes.com/2012/feb/23/business/la-fi-0223-goldline-settlement-20120223

Click link below to see if your dealer is on this list.

http://about.ag/GoldSilverFraud.htm

 

 

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