Gold Fraud In The News
8.24.2011-The New Gold Scare… Gold Scams!
barrick-gold If you are a goldbug or if you believe gold is a bubble, one thing is for certain… Investors have to be careful to avoid pitfalls, and the biggest fear is that there are scams out there. FINRA has gone so far as to release a warning and supporting white paper on the matter called “”Gold” Stocks—Some Investments Mine Your Pocketbook” today.Fox Business News
12.09.2010-Gold dealer Superior Gold is seized, assets frozen
After numerous consumer complaints, a Santa Monica gold dealer's assets were frozen and its operations turned over to a court-appointed receiver, officials said Tuesday.A judge froze the assets of Superior Gold Group on Monday after it was accused of fraudulent business practices in a civil lawsuit against the company and owner Bruce Sands filed by the Los Angeles County district attorney and the Santa Monica city attorney. LA Times
9.27.2010- Duped couple loses $104,000 in sophisticated investment fraud- By Kate Kyriacou
A retired couple has told how they lost their life savings to overseas fraudsters who had them convinced they were investing in gold. The couple, who did not want to be identified, were duped by a scam so sophisticated it even is fooling stock brokers and financial advisers. Adelaide Now
8.16.2010- 5 Sleazy Gold Coin Scams- By Jeff Reeves
Plus 3 Safer Ways to Invest in Gold:
With gold prices rising thanks to the economic and market chaos, the shiny yellow metal’s profit potential is drawing some unscrupulous gold scam artists out of the woodwork.
Here are five of the most common and most damaging gold scams out there right now.
5.09.2010 - Why You Must Be Cautious When Investing in the Gold Bullion - By Ann Ruba
Gold is known to be a hot item. You must thus be very cautious while purchasing it and dealing with such a type of investment. Before purchasing gold coins, you should be somewhat sure about knowing what exactly you wish to do with it. This could mean keeping it as collection, using it for personal purposes or having the desire to sell them later on at a higher price and thereby reap some profit.
10.13.09 -- Fake Coins Flooding in U.S. Market- By Tom Barlow
"Counterfeit coins from China are reportedly flooding into the U.S. market. Five key coin certification organizations have cooperatively issued a warning to collectors about these fakes reportedly appearing frequently on online auction sites and at flea markets. Given the spread of fraudulent coins hitting the market, I wouldn't spend even a penny on a penny until I'd done my homework and found a merchant I could trust," reports Walletpop.
7.1.09- NCA Recovers Nearly $900,000 for Coin Consumers
Years ago John Albanese and I decided to start fighting the numismatic crooks by launching the Numismatic Consumer Alliance (NCA) As of July 2009, NCA has recovered nearly $900,000 for buyers who paid far more for coins than they were worth. Swiss America has since and will continue to support the NCA.
Craig R. Smith
More info: Expert Offers Six Vital Steps To Avoid Gold Coin Fraud, Scams and Hustlers When Buying or Selling and Swiss America responds to Do You Have a Gold Fraud Claim Against Swiss America Trading Group?