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DISMANTLED IN N.Y.,COIN SCAM RESURFACED IN DELRAY, FEDS SAY COIN
- Created: Wednesday, 19 May 2010 22:25
Accused of running a $40 million boiler room scam on New York's Long Island, Joseph Romano posted bond, headed to Delray Beach and continued preying on elderly victims, federal authorities said Friday. Romano and a co-conspirator, Russell Barnes, used a slick Web site, cold calls and high-pressure sales tactics to sell rolls of coins to unsuspecting buyers, according to court documents filed by Assistant U.S. Attorney Lara Treinis Gatz. Now, Gatz is arguing the duo should be jailed until their cases are resolved. |
2 arrested in New York in coin fraud cases prey on elderly in South Florida, authorities say
- Created: Wednesday, 19 May 2010 22:21
March 26, 2010 By Michael LaForgia, The Palm Beach Post Accused of running a $40 million boiler-room scam on New York's Long Island, Joseph Romano posted bond, headed to Delray Beach and continued preying on elderly victims, federal authorities said Friday. Romano and a co-conspirator, Russell Barnes, used a slick website, cold calls and high-pressure sales tactics to sell rolls of coins to unsuspecting buyers, according to court documents filed by Assistant U.S. Attorney Lara Treinis Gatz. Now, Gatz is arguing the duo should be jailed until their cases are resolved. |
Numis Network a Scam? Numis Network Review. Some Hard Questions
- Created: Wednesday, 19 May 2010 22:19
February 10, 2010 by Dennis Volz I’ve been hearing a lot about the Numis Network lately. There’s a lot of talk about this one-of-a-kind Network Marketing company. It certainly is unique in that it’s the only one, at least to my knowledge, that sells numismatic coins. I also hear lots of ’slogans’ — “Autoship that increases your net worth.” and “Why Not Buy Money”. These are coupled with lots of comparisons to other traditional network marketing products because, “You don’t have to test it, learn how to use it, drink it, develop a taste for it or demonstrate it — Because IT’S MONEY!” Seems that the slogans boil down to the comparison that with everyone else you get ‘useless’ stuff that can pile up in your garage, but who wouldn’t want a garage full of MONEY! This concept troubled me, so I did a little research. Buying money looks like a good idea. On the surface, it sounds like a no-brainer. But is it? I’m a numbers guy because I believe that in dieting and business, the figures never lie. So I went to an expert. A gentleman I know right here in San Diego who has been buying and selling coins for over 30 years. Makes a VERY GOOD living at it, I might add. Here’s what he told me: Most uninformed consumers purchase these coins at retail. They have four values: The true value of any asset is the amount of dollars you can get in exchange. Your house is worth what a buyer will pay you for it in dollars. A car lists for $2900 in the Auto Trader for 3 weeks and the seller finally takes the best offer of $2000. That car is worth $2000. Doesn’t matter what the seller paid for it.
If these numbers are correct and unless a collector can unload his entire collection at retail prices (unlikely) then his “assets” from The Numis Network are worth 1/3-2/3 of what he paid and likely never to recover back to the retail price. If you’re spending $150+ a month on an autoship, do you want to be buying anything with a liquidation value that’s 1/3-2/3 of what you paid for it? That’s NOT increasing your net worth. That’s destroying it. Seems to me that Numis Network is selling “money” at an inflated price. They make it clear in the above statement that you should be in this as a COLLECTOR not an INVESTOR. They seem to be saying to get these if you like to collect them, but don’t expect to break even or much less make a profit. Spending $2000 over a year on numismatic coins to find that you have a set of coins worth $700 or $800 can be a little disturbing. Let’s keep our eyes wide open here in the marketplace…
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Warning - Monex Tape Records Telephone Disclaimers to Fight Lawsuits by its Customers
- Created: Wednesday, 19 May 2010 22:11
Rare coin and precious metal hawker Monex, which can be seen on television soliciting investments in gold and rare coins, has apparently left many customers unhappy. If one searches on the Internet, one can find many negative postings about the firm, which makes its money regardless of whether its customers lose theirs. Lately, the firm has started to defend fraud claims by playing a tape recording of its customers being read boilerplate disclaimers over the telephone. Customers who feel defrauded and file a lawsuit may be dismayed to find that the telephone sales pitch, which they relied upon in deciding to invest, was not recorded by the firm. However, if the case otherwise has merit, this defense tactic should not prevent a just outcome, as the firm has difficulty giving a good explanation for why it only tapes material favorable for its legal defense. Source: http://www.timkaren.com/lawyer-attorney-1305138.html |