Beware of criminal coin dealers by CaptBrian1

[CSJournals-migration]

I have been cheated by a daeler

 

Recently I have been involved with a transaction with a dealer and they are trying to cheat me. I am on vacation and cannot defend myself but will attempt to get my money back upon my return. I will write all facts in coming journals. I can only warn all that there are too many crooked dealers and I intend to do something about it.

stay tuned.

Captain Brian

 

See more journals by CaptBrian1

[Jack Robinson]

Keep us updated but, try to put it aside for now and finish having fun on your vacation.

 

The dealer will always be there to catch but, a good vacation is hard to get nowadays.

 

Semper Fi !

 

Jack

[Six Mile Rick]

Capt.

What state is this crooked dealer in One of us might just be a bit closer to them than you are.

[johnny9434]

will keep an open eye captain, indeed

[Durham Collection]

I was intrigued by your post and thought I would share my brief story. I am a young collector but have had enough good mentoring to have gotten up on the curve. My good friend is also my accountant and owns a nice size firm in the city I live in.

 

One of his clients owed him some money and a few favors. My friend knowing I was a collector and knowing his client was a dealer asked his client to find a coin for me (as a favor). He did just that and it was a gem. This coin is one of the pricier pieces in my collection and upon consulting with my elder mentors as to the gentleman involved in the deal, they told me to “run!”

The situation was a bit tense because my buddy (the accountant) was going above and beyond in helping me and guaranteed the purchase. At days end I went through with the transaction and shook hands with the dealer here in town. The initial communications were "rough" especially after Google'ing his name and reading up on past forum boards about his reputation.

 

I initially tried to back out, but realized my good friend and accountant was simply helping me out and was backing the purchase. The dealer in question did have a negative past and I realized right there and then that reputation is everything in this industry.

 

The transaction went actually very smooth and I was very happy with the coin (which is authentic) and still to this day have the guarantee from my good friend that if I ever wake up and dislike the coin that he would simply buy it from me at my cost basis no questions asked.

 

Sadly both my buddy and I learned that the dealer was recently thrown in jail over a gold deal that had gone bad. I guess he had promised someone a gold portfolio below spot. He delivered a portion of the physical gold but lacked the rest. Upon being confronted for the remaining bullion by the investor, an underfunded refund check was issued to the original investor with a bit extra on top as a courtesy. I guess it took a good “bounce” at the bank and a complaint was filed. I am not sure what the technical term would be in this scenario but some would describe it as kiting, etc.

 

The reason I wanted to share my story is twofold: A) to back up the Captain's assertion that some people may have a history to them and B) reputation is everything! In today's world of rapid online communication and documentation, everyone should be cognizant of how information impacts them as well as others. I know there may be a bit of curiosity about the name of the individual in my transaction but I am choosing to keep private because I did give him the benefit of the doubt and was treated very fairly (at least in my deal). I am a big Golden Rule guy and my intention in sharing this with the audience is not to further tarnish the dealer but to remind everyone to always be self -aware. I don't regret my transaction and if given a time machine, I would do it the same. It taught me a lot and I gained something valuable....both tangible and intangible.

[RichH]

I would like to better understand the facts. Criminal is a very strong word. Has a crime actually been committed, or does the dealer have a criminal past with regards to coin dealings, ie fraud ? Does the ANA get involved with these type of issues, maybe act as a 3rd party arbitrator ? Certainly the dealer has much to lose if his reputation is besmirched.

 

Rich

[originalisbest]

Paragraphs will be your friend, if you let them.

[Six Mile Rick]

Friends,

We all get caught up at times wanting a nice addition for our sets. A purchase or sale can sometimes be very expensive. As I have done quite a few I understand the struggle sometimes to even afford the new addition. However the excitement sometimes overtakes the cautious mode you should always have when going for that great new addition. ALWAYS make sure the deal you are doing is reversible in case you are not happy with the coin you receive. Everyone looks at coins with a different view and a cash back guarantee should be quite acceptable as the goods should please the eye of the purchaser or money back minus shipping costs is my agreement with everyone.

I have sent cash back for 1 coin only in the last 4 years, so I would say that the buyers of my extras have been very pleased with all our transactions!!

 

It is sad to hear of a coin purchase going bad and there are ways to communicate and be sure that you are going to get the great deal you are paying for or get your money back if not 100% pleased. However there are dealers out there just looking to get the cash and disappear so be aware of who you actually send your hard earned money to. I had a deal with a guy on the chat boards -- "35 posts" he wanted to sell me 100 mint sets. I promised the cash the day I received the sets and he wanted the cash first. To keep myself from being shorted I denied the purchase even though it may or may not have been a good deal. Sometimes you need to listen and look for warning signs before you throw the dice out there.

 

Later---Rick

[Durham Collection]

Thank you originalisbest. Great thought on the paragraphs! You are dead on. I revised above. I am definitely the newbie here.

[CaptBrian]

Rich, I don't know if I can define the word crime per se, but I will say this, fraud, deceit, telling the truth attractively are all words and phrases to soften the blow to a victim. Look, if I sell you a pair of shoes and call them Red Goose Shoes, then you deserve to have a pair of shoes made by Red Goose Shoes, not a pair with that name scrawled on the heel somewhere. These coins were presented as from the Wells Fargo Hoard. They were not. What do you call that? Then lies heaped upon it to soften the blow still results in a $2500 or more loss by me. Now if that isn't a crime then please describe what it is, or what one has to do to have your act be called a crime, and you a criminal. How about cheat, fraud, and worst of all, "Con Man". Have I been conned? Is conning someone okay. A rose by any other name....

This guy had better give me a check for $2500., and do it pretty durned quick or he'll think a ton of brickhead fell on him. I mean, I am ready to go all the way. It's not nice to fool a former Marine. Proud to claim the title of United States Marine. We fight for life, liberty and the pursuit of happiness. And this guy will not beat me. Kind of like Superman fighting for truth, justice and the American Way.

Capt. Brian

 

[CaptBrian]

What is 'paragraphs' please?

[CaptBrian]

Fill me in, what is 'paragraphs'?

[wdrob]

 

Paragraphs

 

It's like swimming; The reader has to be able to come up for air every now and then.

 

 

[Durham Collection]

Capt Brian. Go look at my original post on this thread. Note how I separated the story through basic paragraphs. My original post was one giant block and someone commented indirectly that my post was too long, not separated and easy to read by suggesting in a fun fashion that paragraphs could be my friend if I would let them.

 

They were correct and I revised my post to include paragraphs. Sorry that you ran into this situation. Most of us have been there to some degree. I hope it all works out for you and Thank You for your service to our country.