Do I have to legally return the money?? Help!!!! Am I Going to Jail?

Where the coins at least silver?

 

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nope almost pure copper though with some zink and silver plateing

 

Amen, Nevek, amen.

Get Legal advice....(by the way, it never comes cheaply..)( or more aptly, you get what you pay for.)

Good Luck!

 

Whomever verified those pieces of crap without weighing them are idiots.

IMHO, you may have a moral obligation to "make things right" but if the dealer said they're real and told you they'll buy every one you can get, you only acted as an intermediary between them and the chinese seller, and therefore, should be resolved of most, if not all, blame.

 

Hook, line, and sinker.

If no one else has posted about this scam yet, as I haven't read the entire thread, this is the old bait scam from China. You order a small quantity of their silver pandas. What they send you is real, and they hope you make another order for a larger quantity, which you do. The second order is filled with fakes.

They gotchya big time. Now you're on the hook for $8k.

 

What did you spend the money on that quickly?

What was your profit?

Who in China takes debit cards?

 

Yeah, I had a feeling this is what happened... they send you a real batch, then when you're hooked, they reel ya in with a huge order.

One correction though, because he offloaded them immediately, the dealer is on the hook, not him.

 

Uh, every major Chinese merchant takes debit/credit cards no problem...

 

Something is not adding up here.

Something is wrong with your math somewhere. You say you bought 20 oz at $25/oz but the amount of money you put at "rick" (risk) was only $300. $25 X 20 = $500, not $300.

 

Quick question Nevek.

At ANY TIME, did you tell the dealer, who bought your coins, that your supplier was in China?

 

Wow, this is quite a story and I wish you (and the coin shop) all the luck in not losing any money. At the end of the day someone is going to lose and I hope it is the original counterfeiters.

I agree that buying discount silver in bulk from a dealer is a huge red flag no matter what their country of origin. Someone who is dealing with thousands of dollar of bullion would never sell below melt value. I do believe there are true deals out there, but they are found when purchasing from private individuals who don't know the value of what they own.

 

Also, I agree with contacting a lawyer. Is there a friend of a friend or anyone who you could just talk to for a few minutes? I can't imagine the shop not at least trying to recover that amount of money, regardless of their legal footing.

 

I'll agree. It's best you consult an attorney . IMHO, when the dealer wrote you that check for $8,000.00 , that closed the deal as far as I am concerned . The Law , may say entirely different . I have to say, the situations some of you folks get into , I'm glad I'm not sitting next to you. Welcome to CT and get da loi ya's .

 

It reminds me of that thread a few whiles back where someone had a story about selling a counterfeit to a coin store, there were all sorts of things that didnt add up in that one too.

My advice to the op, go back to the coin store and try to work something out, it may be harder than just saying too bad so sad to them, but if their reputation is worth anything to them it is the right thing to do.

 

If I understand correctly this happened recently so you would've paid around $12.00 below spot.
I'd check out any deal before purchase that was offering PM for
around 30% below spot. How much shipping, insurance/handling?

Post the link to the dealer's website, please.

 

I have one more question. Since many have recommended getting a lawyer, are you? You seem a little hesitant to do this. You have responded to many other comments but not that one, and it's probably your most important.

 

This is a slightly suspicious story, Nevek...

This is why, despite being able to work with, buy, and sell wonderful coins and currency, I am definitely never going to be a coin dealer. The risk of accidentally buying counterfeits (even professionals make mistakes) and losing thousands of dollars is too much for me to bear.

 

Hell, we should all just order a small quanity from the seller in China to get some real silver pandas. Then not buy anymore.

And as many others have said "GO TALK TO A LAWYER"

 

I believe it was the same yahoos that "validated" the first batch, so I'm sure the first batch were fakes too. Seeming how they sold all within the first 20 minutes, there was no way for them to confirm that the first batch were any different from the second. I think all of the coins Nevek purchased were fakes. So I definitely wouldn't buy a "bait" batch from the Chinese counterfeiter.

I mean who goes as far as to perform an acid test before weighing and measuring the coin?

-LTB

 

More importantly, who performs acid tests on one ounce silver coins at all? Especially, presumably "collectible" coins?